USA TODAY / AP: Analyzing 36 years of gasoline prices and U.S. oil production, the Associated Press finds no statistical correlation between how much is pumped out of the ground and how much is paid at the pump…
As it was four years ago, the price of gasoline is an issue in the presidential campaign. This year, it’s Republican candidates — notably Newt Gingrich — claiming that more domestic oil production would lower pump prices. AP writes, “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.”…
As one energy economist put it: “Drill, baby, drill has nothing to do with it.” … (more)
