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Last week, President Obama said there was no silver bullet to solving the problem of rapidly rising gas prices and he mocked the idea that anyone has a plan to get us back to prices around $2.00 per gallon.
Diana Furchtgott-Roth isn’t promising two dollar gas but she she categorically rejects the idea that there is no way to bring costs down in short order. Furchtgott-Roth is a former chief economist for the U.S. Department of Labor and is putting forth a six-point plan for bringing oil and gas prices down quickly.
She explains we’re in this mess and why she believes aggressively increasing our supply of domestic energy should be at the top of the agenda.
“Price is determined not by the oil we have in our hands or in our storage, but by expectations of how much oil we’ll have in the future.”
Furchtgott-Roth also explains why we ought to wean ourselves off ethanol mandates, why greater flexibility with fuel blends is a must and why forcing oil companies to pay higher taxes is a prescription for disaster.