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Democrats’ Dumbest New Energy Idea

Article by Bernard L. Weinstein February 13, 2013 //   2 minute read

Bernard L. Weinstein, The Washington Times For scurrilous attacks on the oil and gas industry, few liberals in Congress can hold a candle to Rep. Edward J. Markey of Massachusetts. Several weeks ago, Mr. Markey, who is the ranking Democrat on the House Natural Resources Committee, filed a bill that would require bidders for oil and gas leases on federal lands to certify that all production from such leases would be offered for sale only in the United States. In a press release, Mr. Markey argued that oil and gas from public lands belongs to the American people and, therefore, should stay in America. He also claims the energy industry is interested only in boosting domestic production so it can sell more oil and gas abroad. The congressman obviously doesn’t understand how energy markets work. The export of American crude oil and refined products has no impact on the global price of petroleum or the local price of gasoline in the short term. On the other hand, if we adopt policies to encourage more domestic production of oil, whether it’s consumed at home or exported, over time the additional output will help put downward pressure on prices and further reduce our dependence on imports (which have fallen from 65 percent to 40 percent of consumption since 2007). Read More