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Message: <blockquote data-quote="RidgeHunter" data-source="post: 1986439" data-attributes="member: 4319">Yeah, all of it. We are on track to become the biggest producing nation, but that's the only part that makes sense. Oil is sold on the global market and increased domestic production has precious little to do with prices. OPEC countries still have a huge influence and if the price drops OPEC cuts production. Non-OPEC countries increasing production can influence prices, but the U.S. ain't the only non-OPEC producer. They ain't gonna keep up. U.S. production, even with recent increases, is a drop in the bucket of global oil production.The U.S. became a net exporter of petroleum products last year. Think about why something like that would happen.Chart U.S. production and gas (or even crude) prices over time and you can't even find a correlation between the two. If there was, prices would have increased after the '86 oil glut - not decreased. Domestic production fell by more than 30% during this time. "Drill baby drill" and politicians acting as if they can enact policy which means cheaper gas prices is about the stupidest thing in American political dialogue. Increased domestic production is a good thing - especially for states like us - because it provides a load of high-paying jobs and contributes to the economy. But it does crap for prices. Funny enough, high global prices are one of the main contributors to increased production. They don't produce oil for fun. They produce it for money.</blockquote>

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