Complaints about our “dependency on foreign oil” — considering the fungibility of the commodity, where we get it from and how long it takes to increase production — seem to be nothing more than crowd-pleasing bipartisan talking points. Surely, there could be a useful debate on the topic, if this administration cared one whit about increasing production at home. The de facto moratorium on offshore oil drilling and the regulatory burdens placed on new production prove that any “dependency” on oil, not just the Middle East variety, is the real problem.
The administration, of course, isn’t at fault when oil prices spike; it just seems to make matters worse. Or better, if you happen to be an environmentalist. So why isn’t it celebrating? Though the left may be wary of the political consequences, it has been pining for high fuel costs for decades. So here they are. Let’s see how the economy responds.