Opening ANWR could have made current prices worse because Saudi Arabia may have delayed increasing its oil production capacity, making world supplies tighter and prices higher.Open up ANWR and Saudi Arabia makes the same money for less oil. Guess who's pressing this issue. The House of Bush or the House of Saud? If you said there is no difference, you win the showcase showdown.
"Since there is a worldwide market for oil, increases in production in one place (like ANWR) could be offset by decreases in production someplace else to keep the prices high," CAP's Weiss said.
UPDATE: Keith Olbermann fact checked the President's speech for h im, and it turns out there were a few errors.