The Heritage Foundation marks an important anniversary today: it’s been precisely ten years since Senate Democrats blocked oil exploration in the Arctic National Wildlife Refuge, and told us there was no reason to get worked up about it, because ANWR wouldn’t produce any oil for ten years.
How did that work out for you, America? Lachlan Markay at Heritage notes that “ten years later, oil and gas production on federal lands is at a nine-year low, a gallon of regular unleaded gasoline costs an average $3.90, and the President is busy blaming ‘speculators’ for high oil prices.”
If it makes these Democrats look any better, remember that they claim to believe that the laws of supply and demand do not apply to American oil – at least, not until it has first been stored in the Strategic Petroleum Reserve. Until it has been sanctified by passing through the SPR, no amount of American oil affects the global price of oil in the slightest, and only the global price of oil has the tiniest affect on what consumers pay at the pump.
Happy motoring, America!