Who would you rather buy oil from? The shareholders of American and European oil companies or the state-run oil companies of Iran, Iran, Venezuela, and Mexico? Who should get a share of the trillions of dollars the US spends on importing oil? Us or them?

I note this because I saw Gingrich on Fox last might, and the ever-stupid Alan Colmes kept saying that “studies” show that drilling in the US will only reduce gas prices by a few cents. Even if that was true, it misses the point that the wealth transfer from us to them would be considerably reduced. The current account deficit would move in our direction and the dollar would appreciate. Moreover, millions of new US jobs would be created and tax revenues would increase. What’s not to like about expanding domestic oil production?

Unfortunately, Gingrich failed to make those economic arguments.

Advertisements