More U.S. Oil Drilling Won't Lower Gas Prices, Experts Say

WASHINGTON -- Republicans used the politically potent argument about the cost of gas Thursday to pass a bill expanding offshore oil and gas exploration. But analysts say there's a major flaw in their case: More drilling will barely budge prices.

The Restarting American Offshore Leasing Now Act, which passed 266 to 144 with 33 Democrats buying into the scheme, orders the Department of the Interior to move quickly to offer three leases to drill in the Gulf of Mexico and one off the coast of Virginia. The bill demands that the leases be executed by next year.