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High fuel prices unnecessary and can be easily brought down by increasing the supply. This is basic economics yet many in the US Congress do not seem to understand this.

They insist on banning drilling in the desolate tundra of ANWR and off the US coast based on a false argument that they are protecting the environment. To back up that claim, they cite rare yet highly publicized oil spills from decades past. However, this argument cuts both ways.

When you take into account the countless number of barrels of oil that have been safely extracted from the ground and shipped over the past several decades, the chances of an environmental catastrophe are extremely low. Furthermore, most, if not all, of the oil tanker ships in operation today are double-hulled and have advanced navigational systems to help prevent accidents.

On the drilling side of the equation, the abandoned offshore oil rigs often become habitats for sea life as artificial reefs. Of course, you would not even notice the rigs if you are standing on the beach because they are too far offshore to see.

The ban on domestic oil exploration is really about satisfying the extreme evironmental lobby that wants to ban the use of all fossil fuels. These powerful leftist groups want Americans to give up their cars and rely on government-run mass transit. In fact, when you plumb the depths of this so-called environmental lobby, you'll find that they are quite happy with $4 a gallon gasoline. They hope to see most Americans dependent upon mass transit, just like most Europeans are.

Social engineering, not legitimate environmental concerns, are the reason why gasoline prices are artificially high. When the advocates of banning offshore drilling and exploration in ANWR are honest, you quickly learn that their goal is more government control over your life. In short, they advocate a nanny state similar to many of the governments of Western Europe.

While preserving our environment is everyone's responsibility, we must honestly balance it with the demands of the market. I'm all for market-driven increases in alternative energy sources, such as wind power, biodiesel, tidal and geothermal. However, it is essential that these energy sources expand because of consumer demand, not the whims of politicians who are catering to special interest groups. We cannot have any more taxpayer-funded boondoggles like ethanol, which resulted in higher worldwide food costs and starvation in some countries.

Contrary to the dishonest hyperbole coming from those on the left, oil companies are not raping the environment and making obscene profits. In fact, oil exploration is one of the most heavily regulated industries in the US and the profit margins that oil companies earn are just under 10%. Considering the astronomical investment of time and money that these firms put into exploration and extraction, oil companies make a smaller profit for what they sell than most other industries.

The way to counter high fuel prices is to expand the supply of oil. By allowing drilling in ANWR and 50 miles offshore, you increase the supply and that drives down the price of oil. A perfect example of this happened when President Bush repealed the executive order that banned offshore drilling. Within two weeks, the price of a barrel of oil dropped from nearly $150 a barrel to just under $130 a barrel! This move showed the speculators that at the White House was serious about increasing supply and that drove prices down. The only thing left is to get Congress to repeal its version of the offshore drilling ban. Then high fuel prices will be a thing of the past.

Learn more about this author, Tom Sutcliff.
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