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It’s The Oil Stupid, Part 2

Friday, July 11, 2008  |  posted by Hugh Hewitt

My column focuses on the Don’t Drill Democrats culpability in creating the market malaise sweeping through many sectors in our economy.

No increase in domestic energy production = rising oil prices and declining productivity at home. The markets know the Obama-Pelosi-Reid Democrats will never open up domestic production, and as long as their ascendency seems likely, the futures markets will pummel the price of oil, noting that the likelihood of conflict with Iran will cause oil supply disruptions that cannot be made up anywhere in the world since the easiest, most stable supply of oil to get to –that under the control of the U.S.– is off limits due to the no growth environmental lobby that owns Pelosi et al.

The Bush Administration ought to issue “standby” leases for oil production on the outer continental shelf, ANWR, and any other promising areas, leases that contain incentives to rush new production forward if and when Congress ever drops the flag. Not only will it speed the production when it becomes necessary, it will focus the country on all that could be done if Congress got out of the way of the market demand.

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