Mark Cooper: “Don't bet your farm on it. You would never make an investment on the basis of that kind of analysis.”

I actually believe we should raise taxes to promote investment in the real economy, absolutely.

But more drilling is never going to be enough to reduce global oil prices or U.S. imports of foreign oil in any meaningful way.

Since the Arab Oil Embargo of 1973, it has been clear that the United States must reduce its consumption of oil.

Reducing our share of global oil consumption from 25 percent could have a real impact on both oil prices and on imports.