Wednesday, April 30, 2008

Start drilling

I'd quote Robert Samuelson, but really, just read the whole thing. What's worth noting here is that Samuelson isn't saying anything extraordinary, he's just repeating econ 101. If prices are high, you need to increase supply. Normally this happens automatically as producers see the high prices as a signal to enter the market to take advantage, thus increasing supply and driving down prices. However, with the oil industry Congress both excoriates the industry while simultaneously prohibiting them from increasing supply. It's maddening.

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