Ten Questions for Senators
That is, the ones who are grilling oil executives. Bruce McQuain at QandO notes questions suggested by the Institute for Energy Research. The first 3:
1. Do you understand the fundamental economic principal of supply and demand for commodities pricing in the oil market?
2. Oil is a global commodity, bought and sold on the world market. Given that the nine largest private oil companies hold less than 5% of the entire world’s proven oil reserves, isn’t it more likely that the law of supply and demand is “manipulating” current prices than the five corporations represented at your witness table?
3. As a U.S. Senator, you have control over oil production on U.S. federal government lands. Taxpayers own these lands and the energy that lies beneath them, but 97% of the federal OCS and 94% of onshore government lands are not being used. Are you willing to help increase the world’s supply of oil – and thus reduce the price of oil and gasoline – by allowing more U.S. energy to be produced from these lands?
Read the whole thing.
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