The Republicans are at it again- claiming that the way to lower prices at the pump is to increase domestic US production. This despite the fact that production is at its highest level
Sp the Associated Press sat down and analyzed the data going back 36 years. And surprise, surprise- there is no correlation. In fact, some of the eras of highest production saw the highest prices at the pump, and some eras of lowest production saw the lowest.
“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.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”
Seasonally adjusted U.S. oil production dropped steadily from February 1986 until three years ago. But starting in March 1986, inflation-adjusted gas prices fell below the $2-a-gallon mark and stayed there for most of the rest of the 1980s and 1990s. Production between 1986 and 1999 dropped by nearly one-third. If the drill-now theory were correct, prices should have soared. Instead they went down by nearly a dollar.