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Gas Prices and Drilling: A Fairy Tale

21 Mar 2012  |   Lea Brumfield

Contrary to the claims of Republican presidential candidates, “Drill Here, Drill Now,” doesn’t mean we’ll “Pay Less.”  A fact check released Wednesday morning by the Associated Press reports “no statistical correlation” between domestic oil production and gas prices based on 36 years of data.

The AP analysis used figures from the Energy Department from 1976 until now, comparing gas prices adjusted for inflation with oil production and oil demand.  Basic statistical correlation showed no link between the two, and independent economists and statisticians have confirmed the finding.  Increasing domestic drilling simply doesn’t bring down gas prices –but it does despoil our national parks, open up our coasts to the risks of another Deepwater Horizon catastrophe, and further entrench Big Oil into the American economy. 

Read more at Washington Post.



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