Analysis: No correlation between drilling oil and gas prices - Hawaii News Now - KGMB and KHNL

Analysis: No correlation between drilling oil and gas prices

The average price of a gallon of gas in Honolulu on Wednesday is $4.37. The average price of a gallon of gas in Honolulu on Wednesday is $4.37.

HONOLULU (HawaiiNewsNow) - President Barack Obama kicks off a two-day, four-state tour to talk about American energy policy.

Obama makes his first stop at a solar facility in Nevada Wednesday afternoon, then travels to oil and gas production fields on federal lands in New Mexico.

He'll speak about his commitment to expanding domestic oil production.

However, the public wants to know will the President's commitment mean cheaper prices at the pump?

An Associated Press analysis of monthly inflation-adjusted gasoline prices and domestic oil production shows no statistical correlation between how much oil comes out of U.S. Wells and the price at the pump.

The analysis over 36 years finds that if more domestic oil drilling worked, the price at the pump would be about $2 per gallon now.

Instead, Wednesday's price in Honolulu for a gallon of gas is $4.37, just 11 cents off the city's record high reached last year.

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