Trump Administration Proposes Massive Expansion of Oil Drilling

Politically speaking it creates jobs, revenue, taxes, and if it does lower gas prices, then a happy populous. The problem is that it takes about 1-2 years from pre-drill planning, to actual production, refinement, and finally to gasoline.[0]So actual lower at the pump could take that full two years which - again politically speaking - would be perfect timing. Lowering the gas price by .50 cents or more could have a major impact at election time.

Tl;dr: It's likely a political vote getting move.

[0]. https://www.investopedia.com/ask/answers/061115/how-long-doe...

> But why?

It'll lower oil prices? Boost manufacturing in the US and around the world. It's buttresses the stock boom and keep the economy growing? At least for the short term. Internationally, it'll continue to put significant economic pressure on russia, venezuela and even saudi arabia to behave.

> Oil price is low as fuck right now.

It isn't low. It isn't high. Low is 2 or 3 years ago when oil prices got into the 20s. It's in the middle as has been for a while.

> Better keep it in the ground for later.

Why? If the current market can handle it? Besides, it's not like we are going to run out of oil.

Ultimately, trump is doing this because it'll be great for the economy in the short term and hence great for his election bid in 2.5 years. But there are host of other reasons for it as well.

You need to think bigger; Oil is an economic weapon. Flood the market with oil and a few key countries lose their cash cow.