You want lower gas prices? Reduce demand or increase supply.
Fred Barnes discusses the federal debate on the oil supply in his latest Weekly Standard column:
Senate Democratic leader Harry Reid, the Mr. Magoo of American
politics, stumbled onto the truth last week. He discovered the law of
supply and demand. “We want to put [more oil] on the market to increase
supply and lower prices,” Reid said. “With oil and gas prices
continuing to break record highs every day, much more needs to be done.”Indeed it does. But Reid won’t allow it. His understanding of
economics only extends to matters in which he might embarrass President
Bush. The oil he wants on the market is the oil the administration is
buying for the Strategic Petroleum Reserve (SPR), now nearly full. Reid
got his way. The administration now plans to stop oil shipments to the
SPR next month.Beyond that, Reid and his party are committed to suppressing
increased oil production in this country, as they wait for that magical
day when fossil fuels are no longer needed to supply the nation’s
energy needs.
Barnes heads to Raleigh Thursday for a John Locke Foundation Headliner luncheon.
