How not to argue for drilling
THERE is a reasonable case to be made for a limited amount of new oil drilling in America. Economically, the best case is that the oil is very valuable, but the reserves are small enough that prices won't come down in response to the additional supply. Drilling could therefore produce profits and additional tax revenues without leading to a large increase in bad consumer behaviour. The best political case for drilling is that some members of Congress desperately want it, which makes drilling a valuable political chit to be cashed in by those seeking a more balanced energy approach.A bad reason for new drilling is that it will reduce our dependence on foreign oil. That's a bad reason because it
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