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The debate over whether or not to allow domestic exploration and drilling of petroleum fuels has largely focused on what kind of effects it will have at the gas pump. Detractors claim that at best we will see a paltry ten cent reduction in gas prices, while proponents say it will cut the price in half. Certainly we will run circles around ourselves as both sides point to studies and empirical research that supports their argument.
Although this is a valid concern, other aspects of this whole issue seem to be ignored. In terms of simple economics, it makes complete sense to expand domestic exploration and drilling, even if it fails to drop the price of gas so much as a single penny. How so? Easy.
We buy the oil from ourselves instead of other countries - many of whom act as our enemies and deny basic rites and rights of democracy to their own citizens. By buying more oil from ourselves, we are creating American jobs supported by...
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