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August 8, 2008

Krugman in denial on energy

Otis A. Glazebrook IV
Apparently a  NYT columnist is in denial over fact that the spot market oil price has dropped 20% in three weeks since President Bush removed the Executive Branch's ban on offshore drilling.

In a piece entitled "Know nothing Politicians", New York Times Columnist, Paul Krugman displays his thoroughly limited knowledge on a variety of subjects.


Prof. Krugman begins:

"So the G.O.P. has found its issue for the 2008 election. For the next three months the party plans to keep chanting:  Four legs good, two legs bad!" O.K., I added that last part."

I suppose that this is hysterically funny to the swells inside the Beltway or on Park Avenue (Lilly Pond Lane, East Hampton; this time of the year). The truth of the matter is that: "Drill here! Drill now! Drill here! Drill now!" has found the Republicans.

The Democrats' current, perhaps temporary, standard bearer Barack Obama put forth as the instant solution to the America's energy shortfall: "to make sure your tires are properly inflated" because "we could save all the oil that they're talking about getting off drilling if everybody was just inflating their tires."

Silly me, why didn't I think of this?

I decided to test this theory: Since I already had a tire gauge, I made sure that my tires were properly inflated per the manufacturer's specifications and then avoided the gas station for as long as I could. A not un-entirely expected thing occurred, I ran out of gas! Imagine that?

To be fair Obama only suggested that my mileage would increase by 3.3%. This ignores the fact that you need gasoline in the first place, after all 3.3% of nothing is: what?

Isn't this exactly the Democrat's problem: The energy must be there in the first place for there to be any savings?

This also assumes that every American rides around on under inflated tires. I doubt I am the first American to actually own & use a tire gauge.

Mr. Krugman continues:

"What I mean, instead, is that know-nothingism - the insistence that there are simple, brute-force, instant-gratification answers to every problem, and that there's something effeminate and weak about anyone who suggests otherwise - has become the core of Republican policy and political strategy. The party's de facto slogan has become: "Real men don't think things through."

Let me see if I get this right Mr. Krugman? The mere threat of increased drilling brings about a twenty percent decrease in the spot market in three weeks but actual drilling will do nothing?

Obviously, Krugman considers himself to be a "Real Man".

Not satisfied that he had already made a fool of himself, Krugman continues: 

"In the case of oil, this takes the form of pretending that more drilling would produce fast relief at the gas pump. In fact, earlier this week Republicans in Congress actually claimed credit for the recent fall in oil prices: "The market is responding to the fact that we are here talking," said Representative John Shadegg."

Supply & demand, N'est pas? See above.

Even hedge fund managers and other speculators get nervous when they see their positions evaporating.

Katrina: not a drop of oil was spilled Paul, you probably don't know that since the Times buried that fact on page D-478.

Oil field safety has progressed beyond the "Santa Barbara spill" of the late sixties.

For good measure Mr. Krugman brings in the Iraq War.

We are wining Paul. You probably don't know that since the Times has not found that: "Fit to Print".

BTW what happened to the "No War for Oil" mantra Paul? This would be brilliant with the hindsight of $150.00 per barrel oil.

Finally Mr. Krugman gets to the real source of his agitation:

"Sad to say, the current drill-and-burn campaign is getting some political traction. According to one recent poll, 69 percent of Americans now favor expanded offshore drilling - and 51 percent of them believe that removing restrictions on drilling would reduce gas prices within a year."

Paul this is what happens when you perpetuate the hoax of Man Made global Warming and allow your "thinking" to be boxed in by the "Red-Greenies".

Mr. Krugman closes 180 degrees out of phase with:

"The headway Republicans are making on this issue won't prevent Democrats from expanding their majority in Congress, but it might limit their gains - and could conceivably swing the presidential election, where the polls show a much closer race.

In any case, remember this the next time someone calls for an end to partisanship, for working together to solve the country's problems. It's not going to happen - not as long as one of America's two great parties believes that when it comes to politics, stupidity is the best policy. "

In the end the mantra for the 2008 Elections will be: "It's the supply, Stupid!"

Posted at 11:40 AM | Email | | | Share Share