LIVE VIDEO: NewsChannel 5 at Ten    Watch

FACT CHECK: More US drilling doesn't lower gas prices

10:39 AM, Mar 21, 2012   |    comments
(Photo by Cameron Spencer/Getty Images)
  • Share
  • Print
  • - A A A +

WASHINGTON (AP) - A statistical analysis over 36 years suggests that more domestic oil drilling is not the answer to high gasoline prices.

The analysis 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, the price at the pump would be about $2 a gallon now. Instead, prices are the highest ever for March.

Sometimes prices increase as American drilling ramps up. Since February 2009, U.S. oil production has increased 15 percent when seasonally adjusted. Prices in those three years went from $2.07 per gallon to $3.58.

The statistics directly contradict the title of GOP presidential candidate Newt Gingrich's 2008 book "Drill Here, Drill Now, Pay Less," as well as claims made on the campaign trail by the GOP presidential candidates.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

You may also like...

Decision 2012: NewsChannel 5 Politics Section

Pain at the pump: Gas Prices Guide

Giddy Up: Cavalia horse show - PHOTOS

Losing privacy: Want a job interview? Be ready to give up your Facebook password

Viral video: Two-year-old sings Adele

Do the Urkel Dance: Meet the 'Dancing with the Stars' Cast

Top O' the Morning: St. Patrick's Day Downtown Parade 2012

Get your green on: St. Patrick's Day Dogtown Parade 2012

Say cheese: Celebrity Mug Shots

More featured and public photo galleries: Photo Galleries

Associated Press

Most Watched Videos