Ernie pointed out that oil is partially a function of the dollar which is a reasonable insight, but the dollar hasn't fallen to 10% of the Euro, demand vs. supply is still a big issue.
However, Ernie is wrong, as is Obama, about drilling not helping.
From FactCheck.org today:
We are issuing a split decision in the Obama vs. McCain dispute over whether proper tire inflation could save as much oil as expanded offshore drilling is likely to produce.
We find that proper tire inflation could save more than a billion gallons of fuel per year and do it several years sooner than expanded drilling could produce a single drop. McCain has exaggerated by representing Obama's suggestion as a silly notion or implying that it constitutes his entire energy policy.
But we also figure that expanded offshore drilling is projected to produce far more oil eventually than can be saved by proper tire inflation – nearly three times as much even by the conservative estimate of government experts, and more than 10 times as much if an industry-endorsed estimate is correct. And even taking into account additional fuel savings from tune-ups, which Obama also mentioned, he greatly exaggerated.
However, part of the reasons the Democrats are saying it would take 10 years for oil to show up, is that it would probably be true under a Democratic administration, because bringing new oil online means a lot of environmental impact statements, government review, etc. A Republican administration could make that happen in 2 years if they wanted.
So McCain/Obama are both shading the truth a bit on this issue, but the reality is that the Democrats don't want to drill because they want to break the national addiction to gasoline. McCain wants to break our addiction to foreign gasoline, but ease into it, because oil, unfortunately, underlies lots of our economy. The Gas tax hits the poor more then anyone else..
And the laws of physics aren't in our favor at the moment.
We can only hope that this Blacklight Power stuff is for real.
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