New Legislation Aimed at Lowering Gas Prices - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

New Legislation Aimed at Lowering Gas Prices

Wayne Hughes, Executive Vice President of Panhandle Royalties Wayne Hughes, Executive Vice President of Panhandle Royalties

Senator John Cornyn is proposing a new plan, designed to lower gas prices. His plan includes drilling for oil solely on American soil, eliminating our dependence on foreign oil.

One local oil expert says drilling for oil, especially here in the panhandle, isn't that simple. Wayne Hughes, Executive Vice President of Panhandle Royalties, says that whether or not this legislation passes, it won't matter for our area - we still won't have enough manpower to work at these new oil rigs.

If the senator's plan gets a yes from the senate, it's estimated that 24 billion barrels of american oil would be produced, enough to make America self-sufficient for five years. But don't get too excited about the dropping gas prices just yet.

Hughes estimates that the price of gas will never be below $2.00 per gallon again.

 

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