Investor’s Business Daily offers another outstanding editorial that lays out the realities of the marketplace versus the irrealities of political rhetoric, in this case on the topic of energy. “Running on Empty” starts with the observation that, once again, the laws of supply and demand have sent the price of gasoline over $3 a gallon in California.
Before greedy oil companies are blamed, we need to remind our state and national legislators that the law of supply and demand can’t be repealed. No new refineries have been built in decades, and no new domestic supplies of oil have been developed. Our economy and our transport needs continue to grow. Do the math.
And big picture?
Supply is also restricted by the lack of domestic energy development. The American Petroleum Institute reminds us that there are more than 131 billion barrels of oil and more than 1,000 TCF (trillion cubic feet) of natural gas ready to be exploited in the U.S.
Much of these resources — 78% of the oil and 62% of the gas — are locked up beneath federal lands in places like the frozen tundra of ANWR and the coastal waters of the Outer Continental Shelf.
It used to be the weather that everybody talked but did nothing about. Now it’s energy production no one does anything about, lest the environment be laid waste by its extraction and the climate doomed by its consumption.
A growing economy will require more energy, and where is it to come from? IBD suggests nuclear power.
IBD has recently been promoting its editorial pages with online advertising at various websites we visit. No advertising here at shopfloor.org, but we’re happy to give the paper a plug. In opinion piece after opinion piece, Investor’s Business Daily offers tight, consistent and often pleasantly sharp-tongued arguments for capitalism and freedom. Even with the Jackson Browne references. Take a look.
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