When asked about gas prices at the pump, and whether they could go any lower, Sen. McCain said he didn’t think so because “You’ve got a finite supply, basically, and a cartel controlling it.”
This is exactly wrong. There is no finite supply, or if there is we are 100 years away from it.
That’s Larry Kudlow, who apparently has a giant dinosaur bone machine he’s using to churn out pressurized skeletons deep in the caves of Wyoming.
Look, we have the Bakken fields, the outer continental shelf and all the offshore drilling opportunities, ANWR, and so forth. There’s probably over a trillion barrels worth of reserves out there. And Republicans in the Senate are trying to move a deregulated drilling bill through the process. McCain should be backing this and talking about it.
At a time when gas is the highest it’s ever been, this is the exact sale I want to see – let’s become more dependent on our infinite supply of oil!
This is a real turnaround issue for the Republicans and Mr. McCain. But McCain’s not going there.
The Great Republican Turnaround of ’08: Cheap oil…until it’s more expensive again.
We’ve been through two large-scale oil price shocks in the past 30 years, give or take. The hardest sale you’re going to make right now is that we can send prices downward again quickly and keep them there long-term, especially when you’re not promoting alternative energy solutions to provide a transition away from oil. Drilling doesn’t fix anything, it simply pushes zero hour back slightly further (note Kudlow’s assumption that virtually all the oil drilled goes to American consumers, effectively creating a massive subsidy for American consumption, driving up demand and global oil prices).
We could follow Kudlow’s advice. We could also get drunk and stab our eyes out with shrimp forks, if we really want to do something stupid and not wait several years to find out how bad of an idea it was.