Over at Newt.org, they have an anecdote worth highlighting about a recent study conducted by two economists on how opening up ANWR would impact today's oil prices. The study concluded: "We find that oil that is expected to reach the market some years hence has an immediate impact on oil prices," and that "if oil firms were allowed to drill in ANWR and many of the other areas that are currently off limits to oil production, it is possible that these areas together might have a significant impact on world oil prices."(Side note: Martin Feldstein, chairman of the Council of Economic Advisers under President Reagan, recently wrote a related op-ed, "We Can Lower Oil Prices Now," that is well worth your reading). But back to the study. When the authors submitted it to the prestigious Energy Journal, it was rejected because it didn't offer anything new to the field of economics. Or, as the rejection letter put it, "your main result (the present impact of an anticipated future supply change) is already known to economists."In other words, as is already a well-known fact among economists, drill here, drill now so we can all pay less.
There are 86 days until the presidential election. And, it's been 2,725 days since there's been a terrorist attack on US soil. Good day and God bless!
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