Durbin calls finding more oil useless
Sen. Richard Durbin (D-Ill) says oil is a global commodity and that an increasing American oil production would not guarantee an increase in American oil supply. He notes that 1.6 million barrels of US oil were exported daily in the first four months of 2008 and that since the US only has 3 percent of world oil supplies, OPEC could slightly cut production to keep prices high. (0:57)
August 1, 2008
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