The Oil Factor Our columnist on why gas prices are soaring—and why they haven't hurt the brisk U.S. economy. Yet. By Robert J. Samuelson Newsweek May 8, 2006 issue - The United States has the energy policy it deserves, although not the one that it needs. Having been told for years that their addiction to cheap gasoline was on a collision course with increasingly insecure supplies of foreign oil, Americans are horrified to discover that this is actually the case. And yet, for all the public outcry and political hysteria over high gasoline prices, they haven't yet significantly hurt the economy—and may not do so. Since 2003, the economy has grown about 3.6 percent annually. It's still advancing briskly. That may be the real news. Full Article
Those darn environmentalists! Except for them we'd be pumping ANWR dry by now, and instead of $3 a gallon gas would be no more than, oh, $2.90 or so. Increasing domestic production of oil without addressing irrational consumption is like treating obesity by buying a longer belt. In contrast, if CAFE standards had been raised steadily to 40 MPG, the current average for cars sold in Europe, we'd all be yawning at $3 gas.
No drilling in the ANWAR, period. The environmentialists should not have compromised and insisted on a "Wilderness" designation and thus better protect it. B)
