Another day, another NRO column to comment on. Today it’s Jerry Taylor and Peter Van Doren arguing on the “myths” of energy independence. They have some interesting views on the subject, noting that:
1) it’s a global marketplace, so the amount of oil we import vs the amount of oil we produce doesn’t affect the price – only the global quantity on the market affects the price
2) it wouldn’t be wise to totally cut ourselves off from the foriegn oil market, because a limited domestic production is easier for terrorists to strike than a distributed (global) production.
Now, they’re good libertarians from the Cato Institute, so their answer is to quit subsidizing the fuel situation, and just let the free market play itself out. I’m not so sure I agree with this; part of me would like to see a “Manhattan Project”-style effort to develop a usable alternative fuel system. But their comments about the global oil market make the article worth a read.