Date: Friday, 23-Mar-2012 18:52:50
A statistical analysis of 36 years of oil production shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
In another blatant example of how US politicians flat-out lie to the public to push the will of lobbyists and special interest groups a fact check of the GOP claim that “Drill baby drill” is the solution to high gas prices reveals the slogan is nothing more than baseless political rhetoric.
In fact, an investigation by the Associated Press into the claim has found that there is absolutely no correlation between U.S. gasoline prices and the amount of oil coming out of the U.S. oil wells.
The report, quoted below, reveals not only is there no correlation, but since 2009 domestic oil production has increased 15% while U.S. gasoline prices have surged from $2.07 per gallon to $3.58.
full article with charts: http://blog.alexanderhiggins.com/2012/03/23/fact-check-net-oil-exporter-drilling-drop-gas-prices-103271/