CONGRESS AS THE CAUSE OF THE COST OF GAS

"There are hundreds of years of oil supplies (at present and projected consumption levels) if oil in oil sands and shale is properly included in reserves. And it can be produced at a cost of $35-$50 a barrel.

Does it seem a bit odd that the current price of oil is between two and three times the cost of producing all the oil the world presently needs and will need long into the future? The reason the price is so high is that the supply has been artificially constrained by governments.

Take our Congress. Some politicians there argue that even if the U.S. government started to allow increased production, that it would be seven to 10 years or more before there would be additional output. This is nonsense.

Yet the very same politicians who claim we cannot increase oil production quickly are often the same ones who tell us we need to move to alternative forms - windmills and solar, etc. - without seeming to understand these desirable technologies will take far more time to meet the goals of "energy independence" than ramping up oil production."

-- Richard Rahn