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Drill baby, drill?

I have a new favorite blog…

The failure of Drill Baby, Drill

“U.S. oil production is on track to hit its highest level since 1993. What has that done to gas prices for consumers? Virtually nothing. Yet again, analysts are pointing out the obvious: even with massive increases in domestic oil drilling, the impact on gasoline prices is minimal. That’s because oil is a global market and U.S. supplies — even with historic increases — still don’t make a major dent.”

I blogged about this earlier in the year in a short note encouraging an increase in the gas tax. I still think it is a good idea.

Categories: Environment.

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