Skip to comments.Analysis: More US drilling didn't drop gas price
Posted on 03/28/2012 2:38:26 PM PDT by 1010RD
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. [more at the site]
(Excerpt) Read more at minnesota.publicradio.org ...
NPR would be glad for all the extra domestic oil producing capacity when the lid blows off the Persian Gulf as it is sure to do when Israel goes after Iran. Or maybe not, since NPR affiliates are uniformly anti-American, anti-capitalist, anti-western, anti-fossil fuels & anti-Israeli.
Since when have we been actively drilling domestically?
We stifled growth of that decades ago and it has been capped by Washington since.
These people say whatever they want and they actually believe their lies themselves after a while, I'm convinced.
Trillions of dollars spending did not raise employment or create enough energy to run the country.
You may need to refresh the page or pick the "pg 14" link.
Seems that no one remembers that before the mid 70’s oil embargo (about 36 years ago) there were GAS PRICE WARS everywhere.
Gas was .28 to .30 CENTS a gallon. The oil companies quit using our oil for the “light, sweet” crude of the middle east, which, IMHO, allowed the allowed the Arabs not only to embargo and rise prices, but to cause American money to be sent overseas.
Our next big SNAFU was NAFTA. Another government mistake that still sticks in my craw.
The cØmmunists have f'd up the lot.
When it's $5/gal and up, the maggots may well find themselves increasingly 'unwelcome' when out amongst the serfs.
” NPR affiliates are uniformly anti-American, anti-capitalist, anti-western, anti-fossil fuels & anti-Israeli.”
So please explain why this article is written By SETH BORENSTEIN and JACK GILLUM? How is it that these guys can be anti-Israeli? Or are they simply “Justice Ginzberg’s People” (JINOs)
By SETH BORENSTEIN and JACK GILLUM
Here is the problem in a nutshell.
If we remember the 80’s the excuse was the car and oil companies were buying the patents and killing the projects.
If Exxon bought a few of those windmill and solar panel companies and buried it, it would be game over.
The same study, though, showed that when drilling increased worldwide, it resulted in a lowering of the pump price. We can also see that when a political initiative is launched, such as GW Bush’s proposal to open up all sorts of places to drilling, it can cause the world per barrel price to plummet over the course of six months by more than two thirds. That also resulted in lower pump prices.
Borensteen is a total marxist turd; even his brother John says so (John is OK)
Last time gas prices were high EXON made $4B profit and paid $35B in taxes. The government always has its hand in your pocket.
Once Obama took power in 2009 domestic drilling was halted and gas is now $4.00.
Windmills are good for oil companies.
Both BP and Exxon manyfacture windmills, and when the wind dies down (which it does frequently at the most inopportune times) then the power companies have to substitute with (you guessed it) oil, coal or natural gas fired plants on the spur od the moment.
They truly love those windmills!
A lot of wells get capped here until the OPEC target price gets raised during heavy demand. I think OPEC keeps the price down so they don’t go into production. When prices rise to the point where it is sufficiently profitable for some of the independents to start producing, they bring their wells into production. I saw this capping going on years ago working oil & gas loans in southern banks.
One question is, “How high would prices go if OPEC was not constrained by this contingent supply?” If we did not drill, and had no supply waiting to come to production, OPEC could pick our pockets and devastate our economy with high prices which the economies of developing nations kicked into high gear.
Got to go.
You’re absolutely correct.
I chanced to listen to a few minutes of MN NPR a few summers ago while driving to Northern MN. Pharmaceutical grade, industrial strength moonbattery..
And public radio ...
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