Problem with Bush\'s Oil Proposal
Could be wrong but I believe that President Bush is basically proposing that we create more supply for oil by doing new drilling in Alaska for instance. The problem with this approach is that it is intended to shift the supply curve to the right if you will. This will probably lead to lower oil prices and a HIGHER rate of oil consumption than exists now. It seems to me that shifting the demand curve to the left if you will, would be much more effective in lessening our reliance on Mid East oil. Perhaps a little of both, shift the demand curve to the left some and the supply curve to the right some.
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