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Politics : Politics for Pros- moderated

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To: KLP who wrote (473128)	2/21/2012 10:46:34 AM
From: Sea Otter	Read Replies (1) of 793914

Interestingly, domestic oil prices rose almost tripled during the Bush era: inflationdata.com randomuseless.info From about $35 to $95 in inflation-adjusted dollars - and this was during an era when the oil industry had the most unfettered access in history and was showered with tax credits. The slope of that increase exceeds the rise during the Obama administration. Thus the argument that all we need to do is drill more to lower oils prices doesn't jibe with the data. That policy certainly didn't lower prices when the GOP was last in office - why do we think it will work next time? I'm personally not opposed to drilling. But we shouldn't ignore the historical facts. And the facts shows that oil prices are wildly volatile and driven by many factors, most of them exogenous and not under the control of any president. What happens in Iran, Saudi Arabia and China matters far more than what happens here. That's why we need to push away from oil as fast as we can. Over the long run oil is a losing game for our country.

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