Oils Reserves, Domestic Drilling & the Price of Gas

I'm no economist, but when World News Tonight has a piece showing how much domestic oil production has declined since 1973 (64% domestic then, 39% now), the clear implication -- and certainly one the pro-drilling side of the argument will make -- is that if we increase our domestic drilling we can drive down the price of gas. What's left unsaid, of course, is that oil companies are international in reach -- Shell is Dutch, BP British, Citgo Venezuelan, Exxon-Mobil global -- and just because the oil comes from here doesn't mean it's going to be any cheaper.