Recorded on April 18, 2011
It's time for common sense; I'm Ernest Istook.
Four dollar a gallon gasoline is a reality and five dollars a gallon may be ahead. That prompts two questions: why the high prices? And what do we do about them?
It’s easy to blame speculators for driving up prices but nobody can corner a market if supply is abundant. Although America has plentiful oil reserves, it’s pitiful that government keeps so many closed off. And that’s been made worse by a host of Obama Administration policies. And nuclear remains under heavy government restrictions.
The notion that solar or wind power or electric cars can be substituted, ignores that they are even more expensive that $110 a barrel oil. Even with billions in subsidies, they make cost go even higher. Opening areas up for drilling should have been done years ago. Meaning we shouldn’t waste anymore time in making that happen.
For common sense, from The Heritage Foundation, I'm Ernest Istook.