Friday, August 01, 2008
MORE DRILLING?
Here's an issue in which I don't line up with the Republicans: Whether we should push heavily for more exploration and drilling in the US. I don't actually oppose it, I just think it's a more or less futile gesture for the following reasons:
- Unless we're willing to engage in protectionism, the incremental increase in supply that new drilling in the US will provide will be a relatively small part of global supply, and therefore will have very little impact on consumer prices.
- It will take years for the fruits of new drilling to have any impact at all on consumer prices.
- Generally, it's more of the same activity that has gotten us to the sad pass in which we now find ourselves, i.e. dependence on hydrocarbon-fueled energy, most of which (with the exception of coal) comes from Bad Places.
I don't oppose new drilling on environmental grounds -- the incremental environmental impact would be negligible.
GB, THHotA
posted by Greg 6:14 AM
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