Senator Charles Schumer (D-NY) describes his reluctance to pump oil from the United States' Alaskan National Wildlife Refuge (ANWR).
What does the president do? He takes out the old saw of ANWR. ANWR wouldn't produce a drop of oil in ten years...
That's exactly what Democrat Bill Clinton said fourteen years ago, when he vetoed legislation that would have permitted drilling in ANWR's coastal plain. Had Clinton signed off then, we'd have started producing oil four years ago.
The New York Times laments that [high prices haven't reduced demand]. Let me see if I can help the New York Times. "As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supplies would rise as producers drilled for more oil. But as prices flirt with $120 a barrel, many energy experts are becoming worried that neither seems to be happening..."
"...But for a variety of reasons including sharply higher drilling costs and a rise of nationalistic policies that restrict foreign investment, these countries are failing to increase their output...." What do you think the key here is? Nationalistic policies? "A rise of nationalistic policies that restrict foreign investment..."
Can I translate that for you? Communist/socialist countries nationalizing their oil businesses kicking out the experts, the oil companies in drilling, producing, and refining. Could I mention Hugo Chavez? Hugo Chavez just nationalized all the oil in Venezuela... Whenever you want to find an interruption and something that doesn't make sense in economics and the laws of supply and demand, I guarantee that somewhere at the root level of it; you're going to find a liberal or a socialist or a communist attempting to manage the market or steal all the profits for him or herself... It's no wonder that Norway and Mexico and Russia -- Russia's got its own political upheavals going on right now; they've got their own political problems, too.
Remember to thank your Democratic representative for $4 gas.