National Review Online's Planet Gore Blog posted an article yesterday about the relationship between oil prices and economic growth.
The article quotes this weeks "Fiscal Times:"
"A 2006 paper from the U.S. Energy Information Agency said, "most of the major economic downturns in the United States, Europe, and the Asia Pacific region since the 1970s have been preceded by sudden increases in crude oil prices.""
The article also points out that the economic collapse in 2008 was preceded by about six months of oil prices that were at or above $100 a barrel.
Also from the "Fiscal Times:"
"James Hamilton of UC San Diego produced a report in 2009 saying that higher oil prices in 2007-2008 impacted domestic spending and auto purchases to such an extent that "in the absence of those declines, it is unlikely that we would have characterized the period 2007 to 2008 as one of economic recession for the U.S.""
Why am I stating these rather obvious facts? Well, the article also notes that President Obama has essentially shut down domestic oil production.
The article reports:
"Last week, Greenwire reported that there were fewer new wells drilled for oil on public lands in 2010 than in any other year in the past decade, and that as many as two-thirds of the permits issued to the oil and gas industry for drilling on federal lands were unused.
"Kathleen Sgamma, government-affairs director for the Denver-based Western Energy Alliance, said the Obama administration's regulations have discouraged new drilling in the West, where BLM controls some 250 million acres. "We were surprised," Sgamma said, "to see just how much the additional regulatory burden has discouraged drilling in the West.""
We have a choice here--we can do what is necessary to allow our country to thrive economically or we can cripple our own industries in the name of an unproven theory. If this Obama Administration would like to end the recession and see two-terms for President Obama (God help us!), opening up drilling inside America would be a giant step forward in that direction.
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