Earlier today I showed that economics is so simple that even ancient rocker Ted Nugent gets it. Next up, we learn about the economics of oil drilling from a guy who looks like Yakov Smirnoff, the Russian comedian who did the old Lite Beer from Miller commercials.
Actually, that may not be Smirnoff. On second look, it appears to be Ross Kaminsky, quite amusingly ripping liberal opposition to oil drilling.
“It will make no difference today, it will make no difference tomorrow, it will make no difference ten years from now.” These were the words of Dan Weiss, a representative of the leftist Center for American Progress last Monday in an interview on CNBC, just one or two short hours after President Bush lifted the executive order banning oil and gas drilling in US waters on the Outer Continental Shelf.
Since liberal economic policy and mythology is incompatible with any objective understanding of free markets, Mr. Weiss may have been surprised to see the headline the very next day: “Oil Prices Post Biggest One-Day Drop in 17 Years” or just five days later: “Oil prices tumble in biggest weekly drop ever”, “Oil plunges faster than ever”. Yes, in the four days after Mr. Weiss said that Bush’s announcement was irrelevant, oil fell more than $15 per barrel.
Now, I don’t blame Mr. Weiss. After all, it was CNBC’s fault for inviting someone to discuss markets whose resume makes it clear that he’s a lobbyist who managed the Sierra Club’s PAC and now is an advocate for “clean energy and climate”. It’s not his fault that CNBC gave him a platform to speak as if he had a clue about economics, commodities trading, or anything else relevant to the way the world really works.
Weiss tried to argue, as liberals do daily, that working toward increasing domestic oil supplies can’t possible impact current prices because it will take years for the oil to be available....
He then explains why the truth is the opposite. Check it out, it's good stuff.
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