Because I like fighting with conservatives debating the issues, I posted a redux of my analysis of Senator Bush's energy bill as a comment on SCSU Scholars. I received the following comments from Gary Gross, who runs the ever-so-rational blog Let Freedom Ring.
Ask yourself this: If an oil company was only going to get revenue from a reserve for 135 days, would they waste capital on harvesting it? Of course they wouldn't.
As for the 2.8 billion barrels, I'm betting that that's a typo. I'm betting that what he meant is that we could get 2.8 million barrels per day out of these reserves for the next 15 years.
This is such a great example of conservative math: "Well, the market is always right, so your math must be wrong. These other numbers I made up are probably more accurate."
The fact is, the days of cheap oil are over. I'm not saying that to be whiny, or doom-and-gloom, or [insert favorite Republican attack here.] I'm saying it because we need to address our energy challenges head-on so we can provide bold solutions to help our nation stay competitive.
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