"Drill, Drill, Drill" A Continuing Series
By Pejman Yousefzadeh Posted in Energy | Energy Policy | John McCain — Comments (9) / Email this page » / Leave a comment »
It's nice to see that John McCain is in favor of removing the ban on offshore drilling (note the popularity of the proposal). I know that this kind of policy proposal is going to run into a partisan buzzsaw but it is impossible to take seriously the Obama campaign's argument that a removal of the ban on offshore drilling only serves to benefit oil companies. It appears that we have to delve into Economics 101; prices are high because demand outruns supply. To remedy that, we need to drill for more oil so that we can bring supply and demand into balance. I suppose, of course, that if someone has connections with the Magic Oil Fairy, we could avoid all of this but I kind of doubt that this is the case and it should be noted that the Obama campaign has come up with no proposals whatsoever aimed at increasing the supply of oil in order to alleviate current price pressures.