Saturday, July 26, 2008

Snappy Answers to Leftist Lies about Oil

From American Protest comes this nice little piece about why we need to Drill Here, Drill Now, Lower Prices:

Snappy Answers to Leftist Lies about Oil
By Thomas LindamanPosted: 07/18/2008

It’s one of the biggest news stories out there right now, one that directly impacts us on so many levels. If we don’t address this issue soon, we will be thrown into a depression that will take years to overcome. I’m speaking, of course, of the racy photos of Miley Cyrus circulating on the Internet.

Oh, and there’s that whole kerfluffle over oil prices.

Watching the news coverage and commentary about oil prices, it’s clear there’s more spinning going on than in Enrico Fermi’s lab, but I’m here to help. Whenever you have a Leftist spouting any of the lines you’re about to read, use the responses or a variation of them to confound and infuriate him or her.

1) We need to nationalize the oil industry. Remember the controversy over the horrible conditions at VA hospitals last year? The people responsible for that are who you’d be putting in control of the oil industry if you nationalize it. And let’s not forget that government isn’t subject to the laws of economics (or the laws of this country, for that matter…). When you have people who have no clue of how economics works with control over a vital resource, it doesn’t end well.

2) Oil profits are too high. This chestnut has been flying around for a while now, but it has no basis in fact. In reality, oil companies make between 6 and 8 cents off every gallon of gas sold, and they take all the risks to produce a gallon of gas. Government, on the other hand, takes several times more in taxation and takes no risk whatsoever. In other words, government makes a profit off oil companies for doing nothing, both in the production of oil, and in general.

3) Oil speculators are driving up the price of oil. Essentially, commodity speculation is betting that a particular commodity will be at a certain price at a certain time. However, that speculation in and of itself doesn’t drive the price up or down. It’s like betting on what the score will be in the Super Bowl. It doesn’t impact what the score is whatsoever, but it’s fun to try to be a commodity Carnac.

Read the entire article here.

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