Peak Oil: Domestic Oil Doesn't Lower Gas Prices

There's no statistical correlation between how much oil comes out of U.S. wells and the price of gas, according to an analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production conducted by AP: "If more domestic oil drilling worked as politicians say, you'd now be paying about $2 a gallon for gasoline. Instead, you're paying the highest prices ever for March." 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.

Wake up and welcome to reality people. More resources and capital are expended to extract oil that is less accessible than before Peak Oil. The more difficult and complicated the extraction and refinement becomes, the higher the final point of use costs rise. Even with expanded exploration, oil discoveries are decreasing compared to previous years, but not for lack of effort. 

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