Why gas prices are dropping
U.S. gasoline production broke records in 2014, despite anemic demand that has persisted for more than six years.Fewer young people can afford cars and older people are retiring and driving less shrinking demand. But it is mostly the increased supply which has proved how wrong Obama and the Democrats were to say that we could not drill our way to lower prices.
For the week ended Dec. 19, gasoline output totaled 9.92 million barrels per day, the most ever, according to data from the U.S. Energy Information Administration. That beat the previous record set in June of 9.84 million barrels per day, and a jump of 460,000 barrels per day since the first week of December.
Since 1982, total U.S. gasoline output has only averaged more than 9.6 million barrels 11 times; eight of those times were in the last year.