How is gasoline made really?

Why hasn't the 48% increase in US oil production under Obama made gasoline any cheaper?

Republicans claimed that increasing US production would reduce gasoline prices. Why do they lie? http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS1&f=A
Answer:

Oil prices are world prices. They can't be confined to any one country, when this country trades with the rest of the world. USA is now buying less oil from foreign producers and more from domestic producers. But the US oil price can't be much different from the world oil price, because USA trades with the rest of the world, which equalizes prices everywhere.

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Other answers

DID you count the fact that it kept the prices form increasing even more?

Richard B

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