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Why Trump's plan to 'drill, baby, drill' is unlikely to cut gas prices and fix inflation

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President-elect Donald Trump vowed to lower consumer prices that have soared since the pandemic.

Trump is expected to speed drilling permits that took an average 258 days to complete during the Biden-Harris war on American energy.

Experts say boosting oil supplies theoretically could reduce oil and gasoline prices and help nudge down the price of groceries and other goods by cutting their transportation costs.

Oil companies have become far more conservative in their capital spending since the early days of the pandemic.

Companies still need to drill new wells as existing ones deplete and meet moderately growing global demand.

A sudden rise in prices that threw the market out of balance probably would prompt an immediate boost in production by the Organization of the Petroleum Exporting Countries , or OPEC .