| Even if we had a good idea where oil was stashed near America's shores and started exploring today, it would be a drop in the bucket ten years from now when that oil actually started hitting the market. Prices will not drop, as Rep. Michele Bachmann has posited, simply because the U.S. says we're going to explore. Demand is growing far too quickly for our nation's domestic capacity to have any effect on prices worldwide. We simply cannot exert enough upward force on supply to keep demand from driving the price ever upward.
Again with the simple economics. Here's a novel idea: why not try to lower demand?
Getting petroleum out of the residential and commercial electrical grids seems like a good starting point. Germany is planning to build windfarms in the North Sea, why can Minnesota not take a national lead and build them on land and help power the Upper Midwest?
As for the gas-guzzling vehicles that inhabit our roadways, that's a bit more complicated. The economics of buying a hybrid don't add up for many people right now -- if you're still paying off the Explorer, TrailBlazer, or (ack!) Escalade you bought two years ago, you'll be short-selling yourself if you try to get rid of it -- and adding a new payment for a Prius, Civic, or Escape Hybrid on top of it.
The direction of public debate needs to focus on how to lower demand for oil in a systemic way by providing economic incentives for people to consider replacing 14 miles per gallon with 45 mpg. Heck, even the 30 I get in a Ford Focus wagon would be a huge improvement if multiplied by two or three million replaced Escalades.
Bigger, longer tax breaks are a possibility. There are certainly others. But Republican leaders' talking points-fueled focus on pushing a myth as fact -- that Communist China is trying to or already drilling for oil off the coast of Cuba and thus off the coast of Florida -- doesn't even come close to fulfilling the needs of that debate. |