We have consistently made the point here about the immutable law of supply and demand, especially as it impacts energy prices — a concept the entire Congress isn’t grasping just yet. But with news of the disruption in the oil pipeline in Alaska sending prices higher, doesn’t it stand to reason that if we allowed exploration in ANWR, it would drive prices lower?
Remember ANWR is a place the size of South Carolina and the drilling would happen in a footprint one-fifth the size of Dulles Airport. Had President Clinton not vetoed the ANWR drilling bill ten years ago, the first oil would be here.
Maybe someday policy-makers in Washington will understand that it makes no sense to be the only country in the world that limits access to its own natural resources — especially when our competitors have no such qualms. If we increase supply, it will undoubtedly impact price.
Live and learn? We can only hope.
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