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But how much has it increased relative to demand? Honest question, I don't know. But I know demand has rapidly increased. I'm glad there has been a lot of development of private lands for drilling, I hope we can do more of it and do it on public lands as well.
There's PLENTY of development going on public land as well. The problem is it doesn't make much difference in the world price of oil. Third World consumption of oil is growing FAR FASTER than we could ever HOPE to keep up with - no matter HOW MUCH we drill, prices are going to go UP.
The 15 most persuasive explanations for the economic crisis. - Slate Magazine
Not exactly a conservative source here. But certainly more reliable than whatever blog you found. It mentions many possibilities, some of which I think make sense, some which seem sort of out there. But none of the explanations involve gas prices.
Then what is the worry about the present price of gas?
Oil is a global commodity. An increase in world supply drives down world prices.
There is already lots of drilling on public lands, but the Obama administration has put a moratorium on new permits. But it's not a new concept.
Only a moratorium on OFFSHORE drilling AFTER the massively expensive Gulf oil spill. There was no moratorium on permits anywhere else on Federal lands. PLENTY of such permits have been issued over the last few years - more than in any of the Clinton years OR Bush 41 years. In fact, in the last 24 years there's only been 5 years with MORE permits issued than the LOWEST year under Obama.
Goodness, Obama sure is breaking records, right and Left, isn't he?
I'm sure this is not the headline obama wants to see, being compared to the second worse president ever.
Clue: Presidents do not control the market price of oil.
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Right? , righties!!!
