The Worldwide Price of Oil

Every day the American consumer is barraged by news reports concerning the cost of gasoline.  Environmentalists and progressives argue against drilling for oil and encourage the use of green technologies.  They hope for growth in this industry and the creation of many new technology jobs.  The President has routinely expressed the view that opposition to this industry is analogous to the Flat Earth Society arguing against the Columbus voyage of 1492.  Whether such a group existed may be debated.   However, the significance of the opposition to the government selecting companies receiving financial support is critical.  It forms the dividing line between the left and right political views on the appropriate role of government in the private sector. The news media and politicians have purposely and falsely conflated two different products and services:  crude oil and refined gasoline.  Why have they done this?  This confuses the issue in...(Read Full Post)