The problem: Scarcity of supply.
The solution: Drill here. Drill Now.
So how do Democrats propose to bring supplies in line with demand? By doing more of the same. Nibbling around the edges of this growing crisis. Like promoting solar energy, for God's sake.
Who's Behind High Prices
By Robert J. Samuelson, the Washington Post
Tired of high gasoline prices and rising food costs? Well, here's a solution. Let's shoot the speculators. A chorus of politicians, including John McCain and Barack Obama, blames these financial slimeballs for piling into commodities markets and pushing prices to artificial and unconscionable levels.
A better explanation is basic supply and demand. Despite the U.S. slowdown, the world economy has boomed. Since 2002, annual growth has averaged 4.6 percent, the highest sustained rate since the 1960s, says economist Michael Mussa of the Peterson Institute. By their nature, raw materials (food, energy, minerals) sustain the broader economy. They're not just frills. When unexpectedly high demand strains existing production, prices rise sharply as buyers scramble for scarce supplies. That's what happened.
Politicians promise to tighten regulation of futures markets, but futures markets aren't the main problem. Scarcities are. Government subsidies for corn-based ethanol have increased food prices by diverting more grain into biofuels. A third of this year's U.S. corn crop could go to ethanol. Restrictions on oil drilling in the United States have limited global production and put upward pressure on prices. If politicians wish to point fingers of blame, they should start with themselves. (link)
There is, in reality, only one way: Bring more oil to market.
Not from french fry grease. Not from corn. Not from chicken squeezin's. Not from the tooth fairy.
From the ground. Texas Crude.
Drill. Now. Drill now! The human race depends upon it.