Drill where there's no oil - Fox News "House passes bill to expand offshore oil drilling": "The House has voted to allow oil drilling off the nation's Atlantic and Pacific coasts if states agree - but only 50 or more miles out. Republicans called the bill a ruse, saying that's well beyond where most of the estimated 18 billion barrels of oil is located."

Of course, heading into an election season, the Representatives voted for political cover. The legislation also rolls back tax breaks on the oil industry and grabs more cash on oil lease royalties, while opening up the most expensive places to extract oil. Let's review the impact on gas prices after a couple of months.