Debunking Romney on Gasoline

FACTOID: Everyone has something to say about the price of gasoline and much of is not rooted in fact. Here’s a quote from an article about how Mitt Romney’s own economists disagree with what Romney claims to be true:

“U.S. energy policy has very little effect either on oil prices or on overall U.S. employment. Recent studies have backed them (Romney’s advisers) up. The Associated Press’ statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production found no statistical correlation between gas prices and how much oil comes out of U.S. wells.”

The price of oil is determined by global demand and domestic production will be sold on the world market if that is where the highest price and profits are found. That’s exactly why the XL pipeline won’t benefit America. It will transport Canadian and domestic shale oil to Port Arthur, Texas where it will be sold, tax free, into the Asian and world market.