Gas Prices Inflated by Government Policy
Via E. Frank Stephenson, who suggests we also “carve out 50 cents or so for taxes and a dollar or so for Ben Bernanke’s debasing the dollar.”
There’s not much doubt that our public policy choices, whether driven by environmentalism, protection for Florida real estate developers, or dealing with our national borrowing have had a significant influence on gas prices. I’m skeptical that it’s anywhere near this high, however.
I’m generally for responsible drilling in ANWR and offshore, investment in technologies to improve vehicle fuel efficiency and find alternative sources of energy, and whatever we can do to wean ourselves from the “dependence on foreign oil” we’ve decried since 1973. But the recent spike in gas prices reflects a convergence of global factors over which we have only limited influence.