I've got the television on as I make my morning coffee and The Today Show has NBC's financial gurus, Erin Burnett and Jim Cramer, on discussing the high price of gas and the high price oil. Ann Curry of The Today Show asks them what we can do and they both quickly respond, "Drill for oil" with Erin Burnett throwing in for a good measure "We can't look at temporary fixes." This was of course said without a hint of irony.
We can't drill our way out of this. We are most likely approaching the down side of world wide oil production, if we're not there yet. Our influence over oil producing countries and world wide oil markets is trending downward and isn't coming back. Even if we drill we lack the refinery capacity to actually increase the supply of gasoline. It's time people stop pretending that if we just start drilling in new places we can impact our gas costs.
Apparently gas and oil prices are not yet high enough to force our media elites to face reality.
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