Every time gas prices go up, Congress stages a dog and pony show dragging oil executives into hearings as though they were common criminals to explain gas prices.
You don’t need oil executives to give you answers. Basic economics can provide those answers.
And let’s not ignore Congress’s role in the price of gas: they tax the hell out of gasoline and are held hostage to the enviro lobby which refuses to let us drill for new sources of oil in the American mainland and in Alaska.
Little wonder that when you restrict your supply of a commodity, whether intentionally or not, the price will — drumroll – GO UP!
Meanwhile, Democrat Edward Markey, who doesn’t understand jack about the oil industry or economics, shouts about “renewable energy” under the assumption that (1) the oil industry hasn’t already spent millions in renewable energy, (2) renewable energy will save us from high costs, (3) it will certainly not pollute!
Even Time Magazine has caught on to the fact that renewable energy is causing more problems than anything else. If you use corn for fuel, you’ll need more corn to be produced. But if farm size doesn’t grow over night, so the corn supply can’t keep up with the demand. Reduced supply of corn but higher demand for corn results in HIGHER PRICES for anyone who consumes corn.
China and India’s economy have become more capitalistic and that has required greater amounts of gasoline (i.e., higher demand).
This is massive ignorance on Markey’s part. He demonizes and chastises the very people who supply the blood of our economy.
AP: Congress Presses Oil Execs on High Prices By H. JOSEF HEBERT
Filed under: Environmentalism , British Petroleum, Chevron, Congress, ConocoPhillips, Democrats, Edward Markey, Environmentalism, executives, Oil, Shell
