Newt, you lied to us.
You said if we just drill HERE and drill NOW, we’d pay LESS.
Well we did what you told us to do, and…. we’re having to sell the fillings from our teeth for a tank of gas?
What gives here, Newt? And just how is it you’re going to give us that $2.50 gallon of gas you promised us?
I definitely think you’ve been huffing some kind of gas. Maybe from a tailpipe?
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.
Political rhetoric about the blame over gas prices and the power to change them – whether Republican claims now or Democrats’ charges four years ago – is not supported by cold, hard figures. And that’s especially true about oil drilling in the U.S. More oil production in the United States does not mean consistently lower prices at the pump.
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.
U.S. oil production is back to the same level it was in March 2003, when gas cost $2.10 per gallon when adjusted for inflation. But that’s not what prices are now.
That’s because oil is a global commodity and U.S. production has only a tiny influence on supply. Factors far beyond the control of a nation or a president dictate the price of gasoline.
When you put the inflation-adjusted price of gas on the same chart as U.S. oil production since 1976, the numbers sometimes go in the same direction, sometimes in opposite directions. If drilling for more oil meant lower prices, the lines on the chart would consistently go in opposite directions. A basic statistical measure of correlation found no link between the two, and outside statistical experts confirmed those calculations.
“Drill, baby, drill has nothing to do with it,” said Judith Dwarkin, chief energy economist at ITG investment research. Two other energy economists said the same thing and experts in the field have been making that observation for decades.
The statistics directly contradict the title of GOP presidential candidate Newt Gingrich’s 2008 book “Drill Here, Drill Now, Pay Less,” as well as the campaign-trail claims from the GOP presidential candidates.
Earlier this month, GOP front-runner Mitt Romney said of his solution to higher gas prices: “I can cut through the baloney … and just tell him, `Mr. President, open up drilling in the Gulf, open up drilling in ANWR (the Arctic National Wildlife Refuge). Open up drilling in continental shelf, drill in North Dakota, drill in Oklahoma and Texas.’”
Shit, Willard, we’ll be paying $15 a gallon by the time you get done with us!
The lying Rushpubliscum humps know, but prefer not to tell, that (1.) all oil sells in THE SAME MARKET, meaning that the price of oil in Berkeley is the exact same price as the price in Beijing, no matter where it comes from, and (2.) speculators (people like Bain Capital, Willard’s company) have driven the price of oil up in spite of there being absolutely NO logical reason for the price to be so high.
And did I mention that the United States is presently a net EXPORTER of refined oil products?
If lies could solve problems, you’d never need to do anything but look to a Rushpubliscum for any problem you ever had, or ever will have.
Sadly, lies are the only things Rushpubliscums have to offer. For solutions, you will do just as well to ask Jupiter to fix an Earthly problem as to ask a Rushpubliscum.