Evidence the world market controls US gas price

Discussion in 'News / Current Events' started by billwald, Mar 29, 2012.

  1. billwald

    billwald
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    FROM

    http://www.alternet.org/story/15472...r_let_it_die?akid=8491.85218.n0ddRn&rd=1&t=12

    Here's the baseline of reality the fact-checkers are already laying out. There are two key points: first, domestic oil production has expanded significantly during Obama's term in office (even while domestic demand has declined); and second, rising domestic production has essentially no impact on oil prices, because oil is traded on a global market and the United States accounts for just 11 percent of global oil production and holds only 2 percent of the world's reserves.

    So the price of gas moves in the United States as it does with the rest of the world – there is no independent “domestic energy market,” as this graphic shows quite clearly:
     
  2. targus

    targus
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    Who ever said that there is an independent domestic energy market?

    Nice strawman OP though. :laugh:
     

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