Merry Xmas/War is Over? | Main | Obama Vows To Rid the US of Nuclear Weapons
July 16, 2008

Chuck Schumer Suggests Novel Plan for Reducing Price of Oil: Drill More! (in... Saudi Arabia)

He informs us that just 500,000 extra barrels of oil drilled in Saudi Arabia (which would take years and years to actually come on line, of course) will increase not only present supply but future supply, and thus knock the price of oil down, and stop endless up-bidding on the price by speculators, and all that other good stuff.

He does not explain, though, why Saudi Arabian oil has this magical property of increasing supply and psychologically pulling the carpet out from under speculators, and yet American oil does not.

We should be grateful that Chuck Schumer has at least grasped the interrelation of supply and demand. Now we just need explain to him the notion of fungibility, that a barrel of American oil is precisely the equivalent of Saudi oil as far as supply goes, and we'll be in like Flynn.

And on this point: Of the 18 billion in known reserves in the seas alone, ten million are off the coast of California, and those derricks could start producing oil within a year.

It seems a lot of them already are drilled and capped and ready to produce oil. They've just been shuttered by the ban on offshore drilling.

digg this
posted by Ace at 06:34 PM

| Access Comments

Recent Comments
Hairyback Guy: "Or at least the one with the screen door. I always ..."

booknlass: "Tonight I'm being optimistic as part of my Psy op. ..."

Jane D'oh: "[i]Stormy Daniels Says She 'Technically' Didn't Sl ..."

yankeefifth`: "Sounds like the one in the Omletery in Austin (new ..."

theresa heinz kerry: "[i]well, my guess is it wold be hard to sleep whil ..."

Splunge: "Ketchup goes with Bratwurst like Hillary goes with ..."

auscolpyr: " Posted by: Calm Mentor at March 21, 2018 09:34 P ..."

yankeefifth`: "Stormy Daniels Says She 'Technically' Didn't Sleep ..."

Alberta Oil Peon: "Ok yeah, but I'd like to try the sawing the boat i ..."

auscolpyr: "Posted by: yankeefifth` at March 21, 2018 09:32 PM ..."

Cannibal Bob "pressure cook your hobo today! for more info go to....: "Ok, pressure cooker chicken. Done! ..."

Quint: "Couldn't tell you the revenue break-out across the ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64