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March 23, 2012 01:05 pm

Domestic Drilling Doesn't Decrease Gasoline Prices


eldavojohn writes "As the political rhetoric heats up, there's something puzzling about drilling inside the United States. Essentially, it doesn't reduce what we pay at the pump. From the article, '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 the promises that politicians made when they opened U.S. drilling were true, then we should be paying about $2 a gallon now. Instead it's $4 a gallon. Minnesota Public Radio pulls some choice quotes from both parties and wonders why this decades-old empirical observation goes seemingly completely unnoticed."

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Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/jvcPEOGpMf8/domestic-drilling-doesnt-decrease-gasoline-prices

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