Friday, March 16, 2012

Quote of the Day: Shilling for Oil (Shill, Baby, Shill!)

"Unlike natural gas, which is expensive to ship across oceans, oil is traded on a world market — and the big developments moving prices in that market usually have little to do with events in the United States. Oil prices are up because of rising demand from China and other emerging economies, and more recently because of war scares in the Middle East; these forces easily outweigh any downward pressure on prices from rising U.S. production. And the same thing would happen if Republicans got their way and oil companies were set free to drill freely in the Gulf of Mexico and punch holes in the tundra: the effect on prices at the pump would be negligible"

--Paul Krugman in a NYTimes editorial this morning, debunking Republican claims that we need more drilling for lower gas prices


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