Drill-baby-drill is supposed to work like this:
- more drilling means more oil pumped (Right, see graph.)
- more oil means lower prices. (Wrong. Here’s why.)
As you can see, the huge drilling boom under Obama has caused an unprecedented increase in oil production. Step #1 worked. But …
zFact: This is the biggest 3-year increase in oil production since US production peaked in 1970.
If you thought drill-baby-drill would bring down the price of gas (and you probably didn’t), you were conned. How did they do that?.