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:
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: