IMAGINE HOW WELL OFF WE’D BE IF WE OPENED UP FEDERAL LANDS TO DRILLING: A New American Oil Bonanza. “Most of the price of gasoline is determined by the world price of crude, now hovering around $100 a barrel. Turmoil in major producer countries like Iraq and Libya does matter. But the new source of American energy means more supply has been added to global markets — almost the exact amount that has been taken off the market at times because of unrest in the Middle East and Africa over the last five years.”