Natural Born Drillers

Why are Republicans turning to "Drill, baby, Drill"?

Unlike natural gas, which is expensive to ship across oceans, oil is traded on a world market... Oil prices are up because of rising demand from China and other emerging economies, and more recently because of war scares in the Middle East; these forces easily outweigh any downward pressure on prices from rising U.S. production. And the same thing would happen if Republicans got their way... Full Story »

Posted by Tanya J. Maurer

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Review

Randy Morrow
4.4
by Randy Morrow - Mar. 16, 2012

Strange to say, however, while natural gas prices have dropped, rising oil production and a sharp fall in import dependence haven’t stopped gasoline prices from rising toward $4 a gallon. Nor has the oil and gas boom given a noticeable boost to an economic recovery… —— Meanwhile, what about jobs? … Put it this way: Employment in oil and gas extraction has risen more than 50 percent since the middle of the last decade, but that amounts to only 70,000 jobs, around one-twentieth of 1 percent of total U.S. employment. So the idea that drill, baby, drill can cure our jobs deficit is basically a joke.

Dr. Krugman points out the (shall we say) errors of the pro-drill arguments of Big Oil and their republicorp allies.

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