In case you missed it, there was a great editorial (great because it made some of the same points we’ve been making) in Friday’s Wall Street Journal entitled, “Congress Gone Wild“, critiquing congressional reaction to spiraling gas prices. It contained this excerpt, which pretty much captures the problem:
“And one reason for today’s high prices is that Congress has systematically ruled out huge parcels of American land, on- and off-shore, for energy exploration. However, now that prices are high, Congress is reacting to the problem it helped cause by temporarily rescinding whatever paltry incentives it offered companies to explore for oil in the fewer places where they are allowed to drill.”
Exactly. Time to stop worrying about rescinding tax incentives and thinking instead about opening up enormous US reserves of energy. If not at $3/gallon, then when?
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