GOP, Republican-Fail — June 12, 2010 at 9:32 am

Drill Here, Drill Now economics soundly defeated (w/ graphic)


We all heard it and we all laughed at it. We know we consume 25% of the worlds oil but only own 2% of the worlds’ oil reserves. We know that the amount of oil we’d get from additional domestic drilling is a tiny smidgen of what is produced globally.

[Click for bigger version {.pdf}]

But, nonetheless, the GOPosaurs and other Big Oil-loving conservative teabagger types still chant the mantra and believe against all evidence to the contrary that we can keep oil prices low by drilling in the USA.

Now we have solid economic evidence to the contrary.

Here’s what the price of crude oil has been doing for the past quarter:

Despite the fact that, for the past two months, millions of gallons of oil have flowed into the Gulf of Mexico and were not put into the market, see what’s happened to price of Crude Oil?

It went DOWN.

I realize this is a small part of the amount produced each day by domestic production. But it’s still an enormous amount of oil. You’d think there’d be a blip on the screen wouldn’t you?

The next time some dumbass tells you we can keep oil cheap by drilling for it in the USA, remind him or her of this. They won’t listen, of course, but at least you can plant those precious seeds of doubt that are the key to, eventually, one day, if all goes well, helping them to see the Truth.

I’m just sayin’…