Why ‘Drill Baby Drill’ Is Still Important (My blog at MasterResource.org)

Crude oil is a fungible commodity, the argument goes. So why should we Drill, Baby, Drill when any domestic supply we might add is a relative drop in the bucket? Nice argument, except that it could be used against having any new production. (And U.S. CO2 emissions at the margin are a drop in the bucket, right Mr. President? ) And as the economic revolution of the 1870s taught, economic value and thus prices are set at the margin. …

But whether or not our incremental production can move the market, the U.S. is the world leader in petroleum technology. We have incubated and nurtured new and innovative drilling and production methods that are used worldwide. We are one big petroleum laboratory: new ideas often get their first test in our oil fields. Our technology advances unlock reserves worldwide.