With oil prices more than doubling in the last year, we are going to get a market response both with supplies and with how much we consume if we keep politicians at bay.
The "energy independence" goal is pure political baloney. As renowned energy economist and MIT professor emeritus Morris Adelman writes, "It does not matter how much oil is produced domestically and how much is imported." It's a global market and new supplies from any source will depress prices.
Although we import two-thirds of our oil, it comes from well over twenty countries. And despite conventional wisdom, our two largest suppliers are Canada and Mexico.
Appreciate that environmentalism belongs to the Hollywood elite who make their millions and then contribute to Democrats who tell us we shouldn't invest in carbon-based fuels.
Climate change is politics, not science. As environmental scientist S. Fred Singer recently wrote in the New York Sun, 30 percent of climate scientists surveyed were "skeptical" of claims about global warming caused by human activity. "More than 31,000 scientists" have signed a petition questioning the UN's science on all this and opposing the recent "cap-and-trade" legislation in Congress.
Tens of millions of working folks need cheap fuel for their homes, their cars and their trucks.
Yes, drill offshore, drill in Alaska, mine oil shale, and build nuclear plants. Leave all options open.
But let free markets and businesspeople drive these decisions. Not politicians.
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