The Center for Individual Freedom this week joined a coalition of 60 grassroots organizations, representing hundreds of thousands of American taxpayers, small businesses, shareholders, consumers and senior citizens, to express its opposition to the so-called "Gang of Ten" compromise energy plan.
The coalition sent a letter to each of the "Gang of Ten" members pointing out "several potentially fatal flaws" with their proposal, including potentially higher energy taxes and not going far enough to increase domestic energy production.
According to Senator Barack Obama and Congressional liberals, allowing more domestic drilling won't have any impact on energy prices for ten years or more.
That is incorrect.
In the month since President Bush rescinded the executive order prohibiting drilling on the Outer Continental Shelf (OCS) and the Arctic National Wildlife Refuge (ANWR), the price of oil has already plummeted. From its record high of over $145 per barrel in July when Bush signed the order, the price has tumbled some 21% to $115 in one short month.
This is because the market price for oil partially reflects future supply expectations. Accordingly, any movement toward reliable, secure, domestic sources of oil and gas sends the signal of increased future supply.