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To Drill or Not to Drill

Chicago, IL March 30, 2012

Many American politicians (conservatives) have been touting that the answer to lowering gas prices is to drill more and increase domestic production. However, according to the Associated Press, “No statistical correlation between how much oil comes out of U.S. wells and the price at the pump.” The AP analysis shows there is little evidence that increasing America’s oil production will lower global oil prices. An overwhelming majority of economist have also agreed that market factors such as supply concerns in middle east and Iran sanctions are helping push futures to record highs, rather then domestic production. A great article from Media Matters for America lists 20 economists/analyst on the issue of high gas prices:

Here is the list of 20 Experts on the Issue of Gas Prices »

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