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Thu Mar 22, 2012, 10:01 PM

 

FACT CHECK: More US drilling didn't drop gas price

FACT CHECK: More US drilling didn't drop gas price
By SETH BORENSTEIN and JACK GILLUM
Associated Press
March 21, 2012


WASHINGTON -- It's the political cure-all for high gas prices: Drill here, drill now. But more U.S. drilling has not changed how deeply the gas pump drills into your wallet, math and history show.

A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.

If more domestic oil drilling worked as politicians say, you'd now be paying about $2 a gallon for gasoline. Instead, you're paying the highest prices ever for March.

Sometimes prices increase as American drilling ramps up. That's what has happened in the past three years. Since February 2009, U.S. oil production has increased 15 percent when seasonally adjusted. Prices in those three years went from $2.07 per gallon to $3.58. It was a case of drilling more and paying much more.

Read the full article at:

http://www.kansascity.com/2012/03/21/3504160/fact-check-more-us-drilling-didnt.html

3 replies, 844 views

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Reply FACT CHECK: More US drilling didn't drop gas price (Original post)
Better Believe It Mar 2012 OP
mindwalker_i Mar 2012 #1
usregimechange Mar 2012 #2
badtoworse Mar 2012 #3

Response to Better Believe It (Original post)

Thu Mar 22, 2012, 10:33 PM

1. Prices didn't go down becuase..

There were too many regulations,

Oh, reducing regulations didn't help?

Well then prices didn't go down because they didn't get to drill in ANWR,

Or because there isn't a big hose to the tar sands,

Or because people are mean to oil execs,

And didn't give them another tax break,

Or because nobody offered to blow then,

Or because the sky is still blue and there wasn't a bill passed to paint it orange,

Or because there isn't a big statue of Grover Norquist,

Maybe because Obama hasn't released his birth certificate (enough)...


There will always be something.

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Response to Better Believe It (Original post)

Thu Mar 22, 2012, 11:06 PM

2. Gives new meaning to "drill baby drill" right into your wallet

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Response to Better Believe It (Original post)

Thu Mar 22, 2012, 11:24 PM

3. It has certainly lowered the price of natural gas

I heard today that the cash price dipped below $2 per MCF recently. That is very cheap.

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