In economics, nothing exists in a vacuum. And there are unintended consequences to every action.
High fuel prices, although they hurt most segments of the economy, are a necessary condition for domestic oil exploration. No oil company will drill for domestic oil when they can buy Saudi Light Crude for less than 50 bucks a barrel. Ask anyone who works in the petroleum industry what they think of 50 dollar crude oil. Thousands of people who work in oil exploration will be looking for jobs if prices stay low. I'm talking about folks working for the drilling companies, land agents, geologists, wireline services, oilfield services and drilling equipment manufacturers, just to name a few.
Cheap oil also means cheap transportation costs for imported goods that compete with our domestic products.
Cheap oil discourages conservation, mass transportation and investment in alternative energy sources.
I don't like to pay upwards of four bucks a gallon for gas more than anyone else. But we will get whipsawed by the current instability in prices. How is any company supposed to make long-term plans when future fuel prices are up in the air? Somewhat higher crude oil prices will increase both foreign and domestic production, which should bring long-term price stability.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
... [Read Article]
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