The American Spectator

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Political Hay

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Yergin noted that American demand for oil actually peaked in 2007. He said that if the price of oil continues to rise, the U.S. could conceivably decrease daily consumption by 600,000 to 900,000 barrels a day without causing great discomfort or disrupting daily life.

The message that these distinguished panelists tried to send Congress, in other words, was 1) Don't panic; and 2) Loosen your grip. For that reason, they'll probably be ignored.

When government decides it's necessary to take an activist role in matters of supply and demand -- when it's assumed that some guilty party must pay for that $4 a gallon gas -- our elected representatives tend to forget that the free market is a viable option.

topics:
Economics, Energy, Alaska, Oil