Drilling Works Half Way, But Gas Price Still Goes Up

Drill-baby-drill is supposed to work like this:

  1. more drilling means more oil pumped (Right, see graph.)
  2. 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?.

US-petroleum-production.png

Under Obama, US petroleum production has increased more than in any
three-year period since 1970. 
(Source Table 1.2, DOE’s Annual and Monthly Energy Reviews)