U.S. Oil Production Is At Highest Level Since 1997; Yet Gas Prices Remain ‘Stubbornly High’

Looking at Gasoline prices…

Then gas prices vs. oil production…

So when I hear Willard telling America he is going to increase domestic production and make America stand on her own, not importing oil, I have to laugh. Loudly and heartily. The man just doesn’t get it. Or the man knows most Americans don’t get it and he can snooker them into thinking he can do it so the morons will vote for him.

Seth Borenstein and Jack Gillum of the Associated Press explain:

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.

Nobody who is POTUS can do jack shit about this until they lay some nasty rules down for the oil companies, or nationalize them. Take your pick. It just isn’t going to happen otherwise.

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