Robert Samuelson writes about energy in the Washington Post today, and how neither candidate is being completely honest about it. The issue is that both candidates are pandering to some extent, rather than telling the truth and helping the country face the cold hard fact: it’s going to be rough while we dig ourselves out of this hole.
I’ve mentioned McCain’s idiotic obsession with Offshore Drilling on more than one occasion, so I might as well take another opportunity: Offshore Drilling will not lower oil prices. Samuelson is wrong on this point when he claims that
if we don’t increase drilling, import dependence will worsen as production from mature fields ebbs. Since 1990, U.S. oil production has dropped 23 percent, while imports have gone from 42 percent to 58 percent of consumption. Greater exploration is common sense, as more Americans recognize.
The issue is that the drilling with have such a small effect that it will not change prices. Yes, basic logic informs us that if we drill for more oil in the U.S. we will need less from other countries. But the tiny amount that increased drilling will provide, in addition to increasing world demand for oil, will not lower oil prices.
I do agree with one point he makes that is critical of Obama:
To lower oil prices (which were already dropping), Obama proposed releasing 10 percent of the Strategic Petroleum Reserve. This is an atrocious idea. The SPR was intended as insurance against a catastrophic loss of oil from wars, embargoes, terrorism or natural disasters.
Samuelson is correct here. Opening the Strategic Petroleum Reserve is bad policy. It might sound great to voters and win some extra votes, but as a policy it is incredibly short sighted and foolish. Considering the price of oil and the possibility of peak oil arriving any day, we need the Strategic Petroleum Reserve more than ever.
I realize Obama is in a tough spot here. McCain is happily selling out the nation in order to win extra votes, and the Obama campaign feels the need to counter his pandering. But Obama offered the truth about the Gas Tax Holiday during the primaries and won that fight. Perhaps he should heed that lesson and continue with some truth about the rest of our energy crisis.



