Comments on: Already Known to Economists … but Not to the Democratic Policy Committee http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/ Tue, 14 Feb 2012 22:27:43 +0000 hourly 1 http://wordpress.org/?v=3.3 By: scott m,kauai http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3411 scott m,kauai Tue, 05 Aug 2008 14:56:33 +0000 http://www.foundry.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3411 Hurricanes approaching oil rigs in the Gulf of Mexico and the possible disruption in supply that they may bring,in the future, cause spikes in the price of oil. Development of new oil fields,producing oil in the future, should cause a drop in price. Hurricanes approaching oil rigs in the Gulf of Mexico and the possible disruption in supply that they may bring,in the future, cause spikes in the price of oil. Development of new oil fields,producing oil in the future, should cause a drop in price.

]]> By: The Conservative Reader » Blog Archive » Why Do Oil Prices Continue To Drop? http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3092 The Conservative Reader » Blog Archive » Why Do Oil Prices Continue To Drop? Tue, 29 Jul 2008 21:47:52 +0000 http://www.foundry.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3092 [...] Heritage Foundation published an article today that concurs with our position.  It includes reference to an article that was submitted by [...] [...] Heritage Foundation published an article today that concurs with our position.  It includes reference to an article that was submitted by [...]

]]> By: Already Known to Economists … but Not to the Democratic Policy Committee http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3090 Already Known to Economists … but Not to the Democratic Policy Committee Tue, 29 Jul 2008 20:50:48 +0000 http://www.foundry.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3090 [...] The Foundry Tags: Academic Journal, Bet, Capitol Hill, Democratic Policy Committee, Economists, Energy And [...] [...] The Foundry Tags: Academic Journal, Bet, Capitol Hill, Democratic Policy Committee, Economists, Energy And [...]

]]> By: Already Known to Economists … but Not to the Democratic Policy Committee http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3088 Already Known to Economists … but Not to the Democratic Policy Committee Tue, 29 Jul 2008 19:38:38 +0000 http://www.foundry.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3088 [...] Original The Foundry [...] [...] Original The Foundry [...]

]]> By: Morris Coats, Thibod http://blog.heritage.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3084 Morris Coats, Thibod Tue, 29 Jul 2008 14:49:07 +0000 http://www.foundry.org/2008/07/29/already-known-to-economists-%e2%80%a6-but-not-to-the-democratic-policy-committee/#comment-3084 The Heritage Foundation should not be too harsh about the Democrats missing this point of economic theory that was first put forward by Harold Hotelling in the Journal of Political Economy in 1931. In this same "Energy and the Environment" section from Heritage, Ben Lieberman of the Heritage Foundation similarly claims that it would be years before a price effect would be felt from new drilling: "With oil currently at $55 per barrel—an inflation-adjusted level not seen since the early 1980s—public support for opening ANWR is also stronger than in the past. Supporters should remember, though, that ANWR drilling is a long-term project, not a short-term solution. It will take at least seven years of work before the first barrel becomes available, and so ANWR will not affect current oil and gasoline prices. On the other hand, had President Clinton not vetoed an ANWR proposal in 1995, we would have that oil today." <a href="http://www.heritage.org/Research/EnergyandEnvironment/wm692.cfm" rel="nofollow">http://www.heritage.org/Research/EnergyandEnviron...</a> R. Morris Coats (one of the authors of the rejected paper) The Heritage Foundation should not be too harsh about the Democrats missing this point of economic theory that was first put forward by Harold Hotelling in the Journal of Political Economy in 1931. In this same "Energy and the Environment" section from Heritage, Ben Lieberman of the Heritage Foundation similarly claims that it would be years before a price effect would be felt from new drilling:

"With oil currently at $55 per barrel—an inflation-adjusted level not seen since the early 1980s—public support for opening ANWR is also stronger than in the past. Supporters should remember, though, that ANWR drilling is a long-term project, not a short-term solution. It will take at least seven years of work before the first barrel becomes available, and so ANWR will not affect current oil and gasoline prices. On the other hand, had President Clinton not vetoed an ANWR proposal in 1995, we would have that oil today."

http://www.heritage.org/Research/EnergyandEnviron…

R. Morris Coats (one of the authors of the rejected paper)

]]>