Tuesday, July 22, 2008

Find More, Use Less

From Morning Edition:

The Senate brings up another bill aimed at lowering gas prices Tuesday, as Republicans tout a new slogan: "Find more. Use less." It's a paradox because finding more oil drives the price down, which encourages consumption. And despite talk of conservation, election-year efforts by Congress to lower gas prices may actually diminish incentives to lower oil consumption.

Is this really a paradox? It would be a paradox if we had enough oil to cause a substantial shift in supply, thus driving down prices. It is my understanding that the US does not have enough oil to substantially impact prices. I still think that all this talk of additional drilling is a diversion from developing a comprehensive energy policy, but calling it a paradox is a bit of a stretch.

Another stretch?

GA Senator Johnny Isakson: "The Congress of the United States is sitting on a ham sandwich, starving to death."

That is a pretty small ham sandwich and it needs some mustard!

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