When you have a 17-year-old daughter who must pay for her own gasoline, each time the pump price comes down is a cause for celebration. I even received a call Wednesday afternoon asking if she should fill up (despite still having half a tank) when she saw the $1.98 a gallon price.
For someone burned by far too many of those hard-to-explain Thursday increases, I went out on a limb and said "No, you can wait." Oil prices are supposed to decrease even further and the down economy (reality and fears) that is contributing to the pump relief unfortunately isn’t going to change overnight.
The Heritage Foundation’s Ben Lieberman offers some deeper perspective, warning that Congress must not go back on its easing of drilling restrictions. It also should reduce the red tape and avoid costly oil and gas regulations. Short-term gain will be replaced by long-term pain if we don’t act wisely.
Disco. Gratuitous sideburns. The Houston Astros’ rainbow uniforms. These are mistakes of the 1970s.
According to a report from the Heritage Foundation, these pale in comparison to the mistakes made in the United States regarding energy policy at the time. The authors outline key concerns and caution us not to relive them by overreacting to today’s energy challenges.
What do you think? Should the government get so involved in these trying times or should we let the market run its course? Let us know in the comments section.