We were sold a bill of goods called "supply side economics." The theory was if you let the investor class keep more of their money they would turn around and invest it so that more and better jobs would be created.
It didn't happen.
Now we're told that if we just "drill baby drill" we'd become energy independent and oil/gas prices would come back down to earth.
It also isn't happening.
A U.S. oil glut? Yes, it's true!
So here we are in the midst of an oil glut. And are gas and heating oil prices going down? No, they continue to go up.
Yeah yeah, I know . . . oil is fungible, world market, blah blah blah.
Those things are all true and they were true when the Right was trying to sell us on "drill baby drill."
It didn't happen.
Now we're told that if we just "drill baby drill" we'd become energy independent and oil/gas prices would come back down to earth.
It also isn't happening.
A U.S. oil glut? Yes, it's true!
So here we are in the midst of an oil glut. And are gas and heating oil prices going down? No, they continue to go up.
Yeah yeah, I know . . . oil is fungible, world market, blah blah blah.
Those things are all true and they were true when the Right was trying to sell us on "drill baby drill."