Numbers games

Debra Saunders:

Rayola Dougher, an economic analyst for the American Petroleum Institute, estimated that there are 1 million to 2 million barrels of oil per day that could be drilled in now-restricted coastal areas - that's "that's 10-20 percent of what we're importing." That oil could be on the market in as soon as five years.

Assuming the American Petroleum Institute would never inflate numbers, let's say--as I'm sure they would like you to--that 100% of the increased supply will affect the price right now, this very minute, all we have to do is say the word and speculators will immediately short oil. That would make the price per gallon drop to the rock bottom bargain basement price of...$3.40! Which is right around where it was at back in March when we were all supposed to freak out because the economy was going to collapse and people would die and the little baby Jesus would cry if we don't immediately set forth to Alaska to DRILL DRILL DRILL™. More Saunders:

Back in 1995, when President Clinton vetoed legislation to permit drilling in ANWR, environmentalists argued that it would do no good for Washington to permit drilling in the Alaskan refuge because Americans wouldn't see any oil for 10 years. Who doesn't want that oil now?

Indeed. As we all know, the environmentalists control domestic policy, and it is they who to blame. The free market only gave us tax cuts for the wealthy, the proceeds of which were invested into a speculative housing bubble which led to a credit crisis that required further lowering of interest rates, which then led to Benjamins not being worth the paper they're printed on. It would not be there where blame lies.