The $100 Question

It’s official, oil has broken the $100 a barrel threshold. Why are prices so high and what can we do about it? Our very own Myron Ebell explains:

Continuing high oil prices expose the folly of America’s current energy policies. The Congress has passed and the President has signed a huge new ethanol mandate that will raise gasoline prices further. The Congress is also trying to pass new taxes on domestic oil companies, which will depress domestic production. At the same time, the Congress is not considering any legislation to increase domestic oil production by opening federal lands and offshore areas that are closed by congressional moratorium. Offshore areas and the coastal plain of the Arctic National Wildlife Refuge potentially contain colossal reserves of oil and natural gas, but that won’t do us any good until Congress allows exploration and production. Americans who are tired of high gas prices should tell their Senators and Representatives to stop passing bills that will lead to higher gas prices and instead start passing bills that will increase oil production in America.