George Will sheds some light on gasoline prices while leaders just posture for political points.
May 17, 2007
Gas Pump Posturing
By George Will
WASHINGTON — Democrats, seething at the injustice of gasoline prices, have sprung to the aid of embattled motorists. So resolute are Democrats about defending the downtrodden, they are undeterred by the fact that motorists, not acting like people trodden upon, are driving more than ever. Gasoline consumption has increased 2.14 percent during the last year.
That probably is explained by the inconvenient (to the Democrats’ narrative) truth that Speaker Nancy Pelosi was characteristically overwrought when she said that Democrats intend to do this and that because the price of gasoline recently “set a record” at $3.07 a gallon. In real (inflation-adjusted) rather than nominal dollars, $3.07 is less than gasoline cost in 1981.
In some ways, Hayward says, America’s energy supply is more secure than it was in the 1970s, partly because “since 1975, energy consumption per unit of gross domestic product has fallen 48 percent.” Furthermore, “oil represents a shrinking share of total U.S. energy consumption — from 44 percent in 1970 to 40 percent in 2005.” The oil America consumes — only one-eighth of which comes from the Middle East — is used almost entirely in transportation, and accounts for about 40 percent of energy uses. Half of America’s electricity is generated by coal, of which America has a huge abundance.
For the complete story : http://www.realclearpolitics.com/articles/2007/05/post_33.html