Unleaded: $4.25; mid-range: $4.45; premium: $4.75; diesel: $29.25.
OK, that last one was just to grab your attention.
But seriously, folks, why do we continue to pound on “Big Oil” as being primarily responsible for the skyrocketing price of the fuel we pump into our cars and trucks? And does anyone with an IQ over 60 really believe that if we “punished” every single “Big Oil CEO” by seizing 100% of their salaries and year-end bonuses, it would have any effect at all on the pump prices we are now bearing?
BH Obama, Patrick Leahy and Nancy Pelosi likely believe as much and, if those actions could somehow be constitutionally carried out, would no doubt savor the political endorphin rush. But would that impact the price at the pump?
Get a grip.
No, if you really want to know what is causing the run-up, study worldwide supply and demand, study oil futures speculation, study the Fed’s monetary policies and…. and…. ummm, what the heck was that other thing…? Oh, yeah, study Congress’ complete refusal to effectively address the issue.
In an insightful blog summarizing Congress’ abject ineptitude on the topic, one Alex Epstein lays it out in plain English. Epstein correctly notes that, through its enactment of laws placing the interests of caribou and dolphins before the interests of this nation, Congress has effectively blocked development of our most promising and plentiful sources of oil.
He also notes that Congress should publicize these facts, prepare an inventory of how many oil-rich areas they have blocked off, and bring in economists to estimate how much all of this raises gas prices. But don’t wait for that report while the Democrats control Congress. And Epstein’s comments about the Federal Reserve’s role in the mess makes interesting reading too.
Moreover, had William Jefferson Clinton not vetoed legislation originally passed by the Republican Congress (when they were still in the majority), oil might now be flowing from a two thousand-acre site out of the 19.2 million-acre Arctic National Wildlife Refuge.
Ummm…. that’s an area constituting, like, one ten-thousandths of the total refuge. Caribou droppings have a smaller “carbon footprint,” but not much.
And yet Mr. Clinton, bowing to the threats of the environmentalists and the “save-the-caribou” crowd vetoed the legislation. Memo to file: when the Alyeska Pipeline was completed, the population of the caribou herds - which, we were assured, would be decimated by the project - exploded.
And, yes, much as he “re-evaluated” his stance on illegal immigration, John McCain should re-evaluate his position on sensible development in ANWR as well as the outer continental shelf and domestic oil shale reserves.
So, class, unless and until the Democrats and their handmaidens are held accountable for the damage that they have wrought upon the economy by their “energy” policies - maybe as soon as November 4 - look for the price of fuels to keep rising.
And who knows, if BH Obama is elected president and the Democrats achieve “cloture-proof” control of Congress, prices might rise even as high as that diesel number tossed out in the first paragraph.