Monday, July 14, 2008
- Democrats Losing Ground In Fight To Keep Oil Prices High
Drilling offshore and in ANWR, and exploiting the oil shale in the rocky mountain states would offer an increase in the supply of oil in the future, and that would put downward pressure on oil prices today. That's how markets actually work. The only thing standing in the way of that happening has been the US government.
There are two laws currently preventing offshore drilling in the US. The first, an executive ban, was lifted by President Bush this afternoon. That will leave just the congressional ban which expires September 30th of this year. It's going to be awfully entertaining seeing the liberal Democrats in the congress (and a certain presidential candidate) trying to argue that the ban should stay in place because "increasing the supply of oil won't drive down the price".
There are still tons of ways available for Democrats and environmental whacko's to prevent offshore drilling. There will be a long list of enviro-nut lawsuits using the "endangered species act" and a gaggle of State level idiots who are willing to step up to try to keep energy prices high, but at least it's a step in the right direction.