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Four offshore-drilling myths

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Myth #2: It would be "our" oil. "The American people deserve more access to American oil," said Rep. Mike Pence (R) of Indiana on the House floor recently. That may be true, but any oil drilled off America's shores won't automatically be American oil. It will belong to ExxonMobil. Or Shell. Or BP. Or another multinational company that will be just as free to sell the stuff to China or India as they are to sell it to Americans. Unless we decide to nationalize our oil companies – a notion that, while not opposed by a majority of Americans, has almost no support among our political class – the oil won't belong to us.

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