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Liberals were wrong about drilling

Foto: Ed Andrieski/AP

NEW YORK — Back during the 2012 election, when Republicans like Newt Gingrich were busy assailing President Barack Obama over high gas prices and promising to open up America's coasts to offshore oil rigs galore, the liberal response was mostly dismissive. It was impossible, many argued, for the United States to drill its way to lower gas prices.

»Production in the United States really does not matter much for the price of gas,« wrote Dean Baker of the Center for Economic and Policy Research, who that the U.S. could its increase output by a third without meaningfully reducing fuel prices. »Oil prices in the United States depend on the world market, not just supply and demand in the United States.«..

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