Posted: March 20, 2022 12:01 AM
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In a free and competitive market, price always allocates scarce resources and price indicates production. When allowed to operate freely, the U.S. oil industry is a shining example of this dynamism. Oil is a driving force in our complex global economy, improving our daily lives. Petroleum fuels our cars, heats our homes, and is found in thousands of everyday items, from hearing aids to computers. About 80% of all oil used in America is produced by small U.S. entrepreneurial drilling operations. Without oil, our standard of living, longevity and prospects for a brighter future would be greatly reduced. Oil drilling for gasoline is one of America’s best risk-taking success stories. Drilling for oil puts a lot of capital at risk of obtaining permission for exploration, customer search, pipeline construction, etc. Entrepreneurs will take risks and drill for oil until they are confident of the possible outcome. However, even at today’s high prices, many in the oil industry are not confident in expanding operations due to the Biden administration’s limited energy policy. Missing a free market Since the beginning of 2021, biden policies have reduced the share of clean U.S. power from the global market with negative consequences. A
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