Lamar Smith Hearts Hugo
A note I just sent to the morning show guys at KLBJ after I got to work late from the car dealer:
Ed and Mark,
I heard your conversation with Lamar Smith while coming late to work today from the car dealer. While his figure of 20% for ANWR's possible increase to US oil production is higher than anything I've ever seen anybody say, that's not the most relevant thing: the more important point is that oil is priced on the world market (it's 'fungible'), so it doesn't matter whether the US produces 1% or 99% as much oil as we consume; what matters is the world supply and demand (unless we were to nationalize our oil industry and force 'our' oil to be sold to us at a discount).
I wrote a short post on this a few weeks ago; finding it ironic that the party that has stood for supposed economic literacy and against nationalization is proposing a plan that can only work if you ignore one or both. Here's the link: http://mdahmus.monkeysystems.com/blog/archives/000515.html