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Author	Topic: More U.S. drilling didn't drop gas price	Post a Reply Back to Topics

gmenfan66 Champion Author Allentown Posts:1,295 Points:757,370 Joined:Nov 2009	Message Posted: Mar 25, 2012 7:12:22 AM Ignore gmenfan66 Report Abuse 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. Visit Fosters for full article

gmenfan66

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Allentown

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Message Posted: Mar 25, 2012 7:12:22 AM

Ignore gmenfan66 Report Abuse

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.
Visit Fosters for full article

REPLIES (newest first)Ignore Short Messages

drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 27, 2012 10:14:57 AM Ignore drpepperTX Report Abuse It would also be nice if the EPA would come clean with exactly just how much their regulations are adding to the cost of gasoline.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 26, 2012 4:17:27 PM Ignore drpepperTX Report Abuse URKiddinMee LOL, I can hear their keyboards a hummin' hitting all the left wing blogs in futility trying to come up with something to combat the truth! That's the beauty of truth, it can't be overcome with lies! The truth shall set you free!!!
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 26, 2012 4:17:06 PM Ignore drpepperTX Report Abuse URKiddinMee LOL, I can hear their keyboards a hummin' hitting all the left wing blogs in futility trying to come up with something to combat the truth! That's the beauty of truth, it can't be overcome with lies! The truth shall set you free!!!
URKiddinMee Champion Author South Carolina Posts:1,214 Points:242,910 Joined:May 2008	Message Posted: Mar 26, 2012 10:32:34 AM Ignore URKiddinMee Report Abuse Let's see now, what's wrong with THIS logic. Today's headline says that "If Iran Shuts Off The Flow of Oil, Gas Prices Will Rise To $ 8.00 Per Gallon." But if the US produces more oil, it will have no impact on our gas prices? Obviously the gang of lying liberal and environ-wacko propagandists are not conducting their much needed morning conference calls!
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 26, 2012 9:24:11 AM Ignore drpepperTX Report Abuse Penny_Pincher, what exactly are you denying? That oil companies would not sell more gasoline at $1 per gallon? Wow, talk about denial! LOL!
Penny_Pincher Veteran Author Columbus Posts:435 Points:22,695 Joined:Aug 2005	Message Posted: Mar 26, 2012 9:11:56 AM Ignore Penny_Pincher Report Abuse Of course it didn't. Whoever thought it would is in denial about the current world situation.
Penny_Pincher Veteran Author Columbus Posts:435 Points:22,695 Joined:Aug 2005	Message Posted: Mar 26, 2012 9:07:42 AM Ignore Penny_Pincher Report Abuse @ DrPepperTX: hahahahahah!!! Oil companies have an interest in lower gas prices... hahahahaha!!!!
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 26, 2012 8:36:22 AM Ignore drpepperTX Report Abuse Actually wamster, oil companies have every interest in lower gas prices. It's a very simple concept, when prices are lower they can sell more gas by volume. Oil makes less than 10 cents per gallon of gasoline sold. Matters not if gas is $5 or $1, they still make the same per gallon. Not too hard to figure out that they'll sell more gallons at $1 than at $5. Thus oil companies want LOWER prices for gasoline. [Edited by: drpepperTX at 3/26/2012 9:36:52 AM EST]
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 26, 2012 8:31:10 AM Ignore drpepperTX Report Abuse letemeatcake, as always my posts are based in fact. It's obvious you do not do your homework very thoroughly. If you had look at the EIA site and page I posted it is right there. My goodness, you don't even have to click to a page two! LOL. To add to your LIES you wrote (without citation)- "We actually EXPORT Crude to the top 5: Canada (2,324 thousand barrels per day), Saudi Arabia (1,465 thousand barrels per day), Mexico (1,099 thousand barrels per day), Venezuela (759 thousand barrels per day) and Nigeria (529 thousand barrels per day)." Now if you were able to rad a SIMPLE sentence, you would have noticed that's IMPORTS not exports. Or perhaps you purposely changed that one important little word??? :=) As for your 'citation' chocolate city???? A blog??? Really???? LMAO!!!
wamster Champion Author Houston Posts:4,268 Points:696,880 Joined:May 2007	Message Posted: Mar 26, 2012 12:49:37 AM Ignore wamster Report Abuse I never expect fuel prices to be lower, because the oil companies don't want to lose the higher revenues. Without government intervention, big oil has no reason to lower prices.
LetemEatCake Champion Author Oklahoma City Posts:5,609 Points:1,207,330 Joined:Mar 2008	Message Posted: Mar 26, 2012 12:24:50 AM Ignore LetemEatCake Report Abuse Just trying to be sure your number are straight, as this is not the first time you have FUDGED stats. I always do my homework! http://www.chocolatecity.cc/2012/02/24/if-gas-other-fuels-are-now-u-s-top-export-why-are-prices-so-high/ >Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries.< What does this have to do with the article? More smoke and mirrors? Citations?
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 25, 2012 11:40:25 PM Ignore drpepperTX Report Abuse Letemeatcake, my point, which completely went over your head LOL, is that people have been sadly misled to believe the U.S. exports a big percentage of domestically produced crude oil. It's very simple to look up at: EIA Also noteworthy is the oil export restrictions in place by U.S. law. Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries. Since you provide no source for your numbers, which if true only support my statement of the tiny amount the U.S. does export, I have supplied you with an excellent source with which to look around.
BobBG All-Star Author Albany Posts:822 Points:812,500 Joined:Nov 2005	Message Posted: Mar 25, 2012 10:02:34 PM Ignore BobBG Report Abuse Drilling is not the answer to high prices.
LetemEatCake Champion Author Oklahoma City Posts:5,609 Points:1,207,330 Joined:Mar 2008	Message Posted: Mar 25, 2012 9:54:59 PM Ignore LetemEatCake Report Abuse DrpepperTX.... What are you talking about? How does this have anything to do with the price of tea in China? How does it prove your point? >We domestically produce over 2,000,000,000 (billion) barrels of crude per year, and export about 17 million, mostly to Canada.< We actually export Crude to the top 5: Canada (2,324 thousand barrels per day), Saudi Arabia (1,465 thousand barrels per day), Mexico (1,099 thousand barrels per day), Venezuela (759 thousand barrels per day) and Nigeria (529 thousand barrels per day).
Gas4Gore Champion Author Detroit Posts:2,431 Points:425,825 Joined:Jan 2010	Message Posted: Mar 25, 2012 5:20:12 PM Ignore Gas4Gore Report Abuse Well I guess this just proves that the President can make a difference but decides not to.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 25, 2012 4:55:45 PM Ignore drpepperTX Report Abuse MN1 Champion Author Twin Cities Posts:1,240 Points:245,800 Joined:Jun 2011 Message Posted: Mar 25, 2012 1:45:00 PM Ignore MN1 Report Abuse More drilling = more oil to export and more money for Big Oil. Nothing to do with lowering gas prices in the US. ============================ Sadly another GB poster that has been completely misled. We domestically produce over 2,000,000,000 (billion) barrels of crude per year, and export about 17 million, mostly to Canada. Until people can be properly informed we will continue to stagger.
tspaldi Champion Author Provo Posts:6,035 Points:938,415 Joined:Sep 2010	Message Posted: Mar 25, 2012 4:03:22 PM Ignore tspaldi Report Abuse Speculation... Make the speculators take delivery on the gas and oil they buy. Charge tariffs on all fuel exports. That is what we need for the price of gas to go down.
schatzila Champion Author Los Angeles Posts:4,959 Points:1,018,570 Joined:Jun 2010	Message Posted: Mar 25, 2012 3:41:21 PM Ignore schatzila Report Abuse People thinking drilling will solve our problems are fools.
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Mar 25, 2012 3:09:33 PM Ignore dh0770 Report Abuse Supply and demand has been minimized by the speculator, until that is changed true market forces will not set prices.
MN1 Champion Author Twin Cities Posts:3,369 Points:652,540 Joined:Jun 2011	Message Posted: Mar 25, 2012 1:45:00 PM Ignore MN1 Report Abuse More drilling = more oil to export and more money for Big Oil. Nothing to do with lowering gas prices in the US.
glorioussnookie Champion Author Tennessee Posts:3,761 Points:699,370 Joined:Feb 2010	Message Posted: Mar 25, 2012 12:37:51 PM Ignore glorioussnookie Report Abuse No matter how much we drill here it boils down to Big Oil selling to the Greedy Hungry World!
md11capt Champion Author Denver Posts:3,558 Points:711,630 Joined:Mar 2011	Message Posted: Mar 25, 2012 10:57:36 AM Ignore md11capt Report Abuse Typical Tea Partier, BLAH...BLAH...BLAH...blame a liberal...BLAH...BLAH...BLAH...blame a liberal...
alex395 Champion Author Louisville Posts:2,053 Points:276,895 Joined:Jan 2007	Message Posted: Mar 25, 2012 10:27:35 AM Ignore alex395 Report Abuse Supply and demand. More product (drilling) less price. Sounds like a Huffington Post article-apparently Fosters is ultra liberal as well.
dgerst Champion Author South Carolina Posts:2,721 Points:557,975 Joined:Aug 2008	Message Posted: Mar 25, 2012 9:43:30 AM Ignore dgerst Report Abuse The price is not based on how much we drill.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Mar 25, 2012 9:36:26 AM Ignore drpepperTX Report Abuse No mention of where we would be if the drilling moratoriums of the past 36 years had not been enacted. This opinion piece is wrong.
CVA19 Champion Author Salem Posts:2,393 Points:611,325 Joined:Aug 2011	Message Posted: Mar 25, 2012 9:28:51 AM Ignore CVA19 Report Abuse This is an old story (GasBuddy was hit by it several times last week). No where in the study is there mention of refining capacity. There have been NO new refineries built in the past 36 years; and refining capacity has dropped! Refining capacity and locality of refineries are very important factors when considering the cost of fuel at the pump. When the "researchers" leave out key data like this, it speaks volumes about their study--it's crap! Nothing more than agenda-driven garbage.
Jeff4U Champion Author Atlanta Posts:8,767 Points:1,854,320 Joined:Nov 2004	Message Posted: Mar 25, 2012 9:25:57 AM Ignore Jeff4U Report Abuse Apparently media brainwashing works well with the general public. Of course more drilling would lower gas prices! As long as we import 50% of our oil, gas prices will continue the same path. Just look at natural gas prices as an example. More supply DOES lower prices. Yes it's true that oil prices are globally interconnected - but only IF we need those global resources. Additional drilling by a measly 10-15% won't help but a serious commitment will. This is how Bush reversed $4 gas prices down to $1.80 (national avg) per gallon in Dec 2008.
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Mar 25, 2012 9:11:10 AM Ignore uglytom Report Abuse Good old greed.
wrunner Champion Author Virginia Posts:4,455 Points:1,138,535 Joined:Dec 2009	Message Posted: Mar 25, 2012 8:55:31 AM Ignore wrunner Report Abuse Diminish your wants and augment your needs will help get by with the high gas prices.
majormarket All-Star Author Houston Posts:829 Points:791,985 Joined:May 2008	Message Posted: Mar 25, 2012 8:52:18 AM Ignore majormarket Report Abuse Since oil is a global commodity now, more US drilling won't lower our prices since overseas demand will drain any increased production. Export controls would have to be imposed - but, as a fervent capitalist, I'm not really in favor of this. So, what's the solution? Lower consumption and denser population densities to lower transport costs.
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Mar 25, 2012 8:49:02 AM Ignore buckets42 Report Abuse Didn't drill enough. It's not a linear phenomena. [Edited by: buckets42 at 3/25/2012 9:49:18 AM EST]
albert2008 Champion Author Winnipeg Posts:7,362 Points:1,482,960 Joined:Sep 2008	Message Posted: Mar 25, 2012 8:32:47 AM Ignore albert2008 Report Abuse of course not pure greed
Dennis783 Champion Author Des Moines Posts:13,604 Points:2,705,835 Joined:Sep 2005	Message Posted: Mar 25, 2012 8:25:53 AM Ignore Dennis783 Report Abuse Kingdlo makes a great point! More drilling should drop prices but the goal is to get us off foreign oil.
DBooneKY Rookie Author Kentucky Posts:27 Points:4,575 Joined:Mar 2012	Message Posted: Mar 25, 2012 8:15:05 AM Ignore DBooneKY Report Abuse Judge: CFTC Corrupt, Wendy Gramm Criminal
Kingdlo Rookie Author Louisiana Posts:2 Points:1,132,965 Joined:Jun 2008	Message Posted: Mar 25, 2012 8:09:46 AM Ignore Kingdlo Report Abuse More drilling increases the oil supply. If a greater supply of oil will not lower oil and gas prices, then why does Obama want to release oil from the Strategic Oil Reserves? if he thinks this oil that was saved by prior administrations will lower prices, then why wouldn't new drilling accomplish the same results?
YaBassa Champion Author Michigan Posts:2,440 Points:519,050 Joined:Nov 2011	Message Posted: Mar 25, 2012 8:05:24 AM Ignore YaBassa Report Abuse Greedy Big Oil controls the price of gas.
grandpadon28110 Champion Author Charlotte Posts:4,726 Points:1,144,260 Joined:Sep 2008	Message Posted: Mar 25, 2012 7:41:36 AM Ignore grandpadon28110 Report Abuse Drill drill drill.
mike1881 Champion Author Fayetteville Posts:1,306 Points:566,375 Joined:Feb 2011	Message Posted: Mar 25, 2012 7:30:19 AM Ignore mike1881 Report Abuse I agree. Even though i think obama is the worth president ever, you can't argue with fact. What I can argue is that obama could do more to help instead of drilling on PRIVATE lands. The keystone pipeline would have been a step in the right direction. Maybe regulating speculators?
Caduceus26 Champion Author Jacksonville Posts:3,906 Points:764,335 Joined:May 2009	Message Posted: Mar 25, 2012 7:26:30 AM Ignore Caduceus26 Report Abuse There! Someone said it! There are those who won't accept this as fact but they are the same people who believe that Barack Obama wasn't born in the U.S. Their disbelief of both facts come from the same place within them.
doeslayersr Champion Author Illinois Posts:9,127 Points:873,955 Joined:Dec 2010	Message Posted: Mar 25, 2012 7:16:27 AM Ignore doeslayersr Report Abuse Consider the source. Just media spin trying to provide cover for the current (Obama) administration.
molebaby96 Champion Author Tallahassee Posts:2,126 Points:506,890 Joined:Nov 2011	Message Posted: Mar 25, 2012 7:16:17 AM Ignore molebaby96 Report Abuse Drill here, drill now. But put a stop to exporting it out of U.S.