Increasing U.S. oil production is a solution to high gasoline prices
Historically, the amount of oil produced in the U.S. hasn’t affected gasoline prices
Changes in U.S. production are a small factor, given the scale of the global oil market. In March 2012, the Associated Press released an analysis of 36 years of data that showed “no statistical correlation between how much oil comes out of U.S. wells and the price at the pump." The AP reported:
Sometimes prices increase as American drilling ramps up. That's what has happened in the past three years. 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. It was a case of drilling more and paying much more.
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.