FACT CHECK: More US drilling didn't drop gas price

Buck3/21/2012 10:40:42 am PDT

There is no doubt that increased production does lower the per barrel price. When Iran dropped their production levels, Saudi Arabia promised to make up the difference and increase their production. (They didn’t actually follow through).

Domestic drilling is higher under Obama than under Bush.

Can anyone find the actual numbers? How much did production increase? How many barrels per day in relation to the total of oil consumed? It might be higher by a very small amount.

All I can find is the statement repeated. I assume it is due to the North Dakota production. It has increased domestic production but not by a very large amount (yet).