Bob Samuelson on the Price of Oil

By July 26, 2006Energy

Not sure we’ve seen any better and clearer explanation of what drives the price of oil (our own included) than Bob Samuelson’s piece in today’s WaPo. Samuelson’s an economist — and a bright one at that — and has a knack for writing in plain English. We commend it. In the end, he concludes:

“Oil is essential and insecure. A sensible country would minimize this insecurity by economizing on oil’s use … and developing its own resources. (Emphasis ours.) We should have redoubled our efforts years ago; we should do so now.”

Hopefully the Senate is reading the WaPo today.