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.
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