Hi, I'm Denise, and this is your Civic Minute.
The United States already produces more oil than any country on Earth, nearly 14 million
barrels a day.
That's a record and gas still shot past four dollars this spring.
Why didn't all that production protect us?
Because American oil enters a global market of over a hundred million barrels a day.
Our record output is about 13% of the total.
Even a big increase in American drilling is a small change in world supply.
And here's the catch, OPEC, a consortium of 13 oil exporting countries exist specifically
to manage global oil prices.
If the US pumps more, OPEC can cut their own production to keep prices where they want
them.
They've been doing this for over 60 years.
It's not a conspiracy, it's their stated purpose.
Drilling more isn't nothing, but it's not the lever most people think it is.
At your Civic Minute, find more at civicmedia.us.