Oil

The inspiration: here.

The Point to Notice: "'Drilling for natural gas means drilling for oil,' argued Rep. Lois Capps, D-Calif., citing industry pronouncements that where there is gas, often oil is found and probably would be developed. 'Drilling three miles off our coast will not lower gas prices today or anytime in the near future.'" (emphasis mine)

I heard this point made another way: since any operations wowuld not begin to produce for 7 years, movement on this now would not affect the price right now. This is utterly true. But this ban has been in place for 25 years. If someone had the foresight to remove the ban 8 years ago, we would see enough oil on the market to significantly reduce the jitters about having almost no spare production capacity on a global scale right now - which send oil flying up with even the slightest hint of geopolitical tension, something we have right now like a skunk has stink.

Bit where were oil prices 8 years ago? Dirt-cheap. I filled up for as little as 89 cents per gallon in Carson City, 94 cents per gallon in Reno. The American public evidently has an almost infinite capacity for short-sighted thinking, or such statements would be laughed out of the public arena.