WASHINGTON (AP) - The White House says President Bush is planning to lift an executive ban on offshore oil drilling.
And not before time. Everybody hand-wringing about inflation should support this. As Walter Williams pointed out recently, as long as the U.S. Congress holds up the production from new and exiting fields, then prices will remain high, and the US Congress remains "OPEC's staunchest ally."
It won't even take drilling to start for prices to drop. As soon as the US Congress legalises offshore drilling, the expectation of future production will cause the the price of future oil to drop -- a drop that will feed through to present prices.
"We can't drill our way out" of the problem of high oil prices? You bet we can.