I’m in the driver’s seat. I’m going to be talking with David Weiss of the Center for American Progress about oil prices. I will also chat with Professor Andrew Koppelman, the John Paul Stevens professor of law at Northwestern, who will be in the house to talk about the Health Care law. Finally, I will spend most of the 5 o’clock hour to talk about Trayvon Martin. You can call in – 828-252-4348.
More from ThinkProgress.com:
Experts deny that drilling brings down gas prices, despite how often Republicans claim to have the “silver bullet.” Now, the Associated Press reports that an analysis of 36 years of Energy Information Administration data shows “no statistical correlation” between domestic oil production and gas prices.
U.S. oil production is back to the same level it was in March 2003, when gas cost $2.10 per gallon when adjusted for inflation. But that’s not what prices are now.
That’s because oil is a global commodity and U.S. production has only a tiny influence on supply. Factors far beyond the control of a nation or a president dictate the price of gasoline.
When you put the inflation-adjusted price of gas on the same chart as U.S. oil production since 1976, the numbers sometimes go in the same direction, sometimes in opposite directions. If drilling for more oil meant lower prices, the lines on the chart would consistently go in opposite directions. A basic statistical measure of correlation found no link between the two, and outside statistical experts confirmed those calculations.
Just spoke with Andrew Koppelman. Great conversation. I’ll have an update a little later on tonight.