House Speaker Kevin McCarthy (R-CA) pushed a decades-old lie on Fox Business to promote bill H.R. 1, the Lower Energy Costs Act, which would fast-track more oil drilling and fracking. McCarthy pushed the lie that more oil drilling and fracking would lower oil and natural gas prices.
However, McCarthy failed to mention that U.S. domestic oil is mostly sweet (clean) oil that is sold overseas because oil companies refuse to retrofit their creaky old crude (dirty) oil refineries for sweet oil. The more oil that is drilled in the U.S. the more oil is exported overseas for profit, not lower prices for U.S. consumers.
McCarthy also claimed the U.S. would export more natural gas (from fracking) with the Lower Energy Costs Act, but that would not bring down prices for U.S. consumers either. The Lower Energy Costs Act does not include any mandatory price caps.
(Source: Fox Business via Twitter)