12 Jun '12, 3pm

Big mystery: US oil production hits 14-year high, gas prices not at 14-year low

Big mystery: US oil production hits 14-year high, gas prices not at 14-year low

Great news, America! The amount of crude oil produced within our borders is at the highest levels we’ve seen since 1998 . This is mostly because of the drilling booms in North Dakota and Texas. This is basically the scenario that fossil fuel companies argue for. Let’s drill more, they say, and then gas prices will go down. It makes intuitive sense, right? The more oil to make gas with, the more gas; the more gas, the lower the price. Good old supply and demand. But — and I don’t want to freak you out or imply that fossil fuel companies are being disingenuous — gas prices are not at the lowest point since 1998. In fact, they may be starting to go back up . Here’s what prices have done over the last 18 months. Isn’t that strange? It’s almost as if gas prices and production aren’t linked at all, which we know not to be the case because the fossil fuel industry, which has an e...

Full article: http://grist.org/news/big-mystery-us-oil-production-hits-...

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