More US drilling didn't drop gas price

(AP/CBS)

(AP/CBS)

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.


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