Yet environmentalists block every move to drill untapped reserves. ANWR (up to 17 billion barrels of oil and 34 trillion cubic feet of natural gas) and the area between the USA and Cuba (estimated 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas.) have tremendous potential, and would significantly impact the price of a barrel of oil etc. The folly of the environmentalists blocking USA exploration of the area between the USA and Cuba is that Cuba is going to do it anyway, most probably to lesser environmentally friendly standards.
Then, there is the issue of refineries. The environmentalists strike again. It has been 29 years since a major oil refinery has been built in the USA. Add to that the fact that more than 100 refineries have been closed since the 1980's, most due to obsolescence. Everyone knows that the demand for refined oil products has increased tremendously during the past 29 years, but the ability to supply that demand has definitely not kept pace.
Mostly because production costs and transportation costs are high, both directly related to the cost of oil.
Would electricity costs be lower if there were more nuclear power plants? Does France, which is 80% nuclear, produce electricity at a comparatively lower cost than the USA? (I ask because I honestly do not know). I do know that Canada is now looking in the nuclear direction (news article yesterday). The UK started their program for the development of new plants earlier this year. Would the environmentalists in the USA allow a sufficient quantity of new nuclear plants to be built?