Fail, Failed, Has Failed

By May 28, 2008Energy

The Investor’s Business Daily (5/23) recently editorialized that, though Congress is “alarmed by our ‘failed’ oil markets,” it is “mostly the fault of the Congress that we’re in this mess.” The “markets have failed” because of “Congress’s refusal to let oil companies drill on federal lands, thereby cutting sharply into our supply of crude as world demand grows and prices soar both here and abroad.” The Daily calls Congress’s “ignorance of basic laws of supply and demand…at once bizarre, breathtaking, and frightening,” and asserts that “this ridiculous blaming of oil companies must stop, and…the companies must be allowed to get back into the business of pumping oil.” Only then will “the markets that ignorant and demagogic politicians called ‘failed’ [begin to] again turn out plentiful energy at prices people can afford.”

Leave a Reply