Drilling Without Illusions

My latest column for The Week, argues that President Obama’s flip-flop on off-shore oil drilling is good news. But it won’t end our dependence on foreign supplies and will be accompanied by a new round of regulatory entanglements.

In my latest column for The Week, I argue that President Obama's flip-flop on off-shore oil drilling is good news. But it won't end our dependence on foreign supplies and it will be accompanied by a new round of regulatory entanglements.

As flip-flops go, President Obama’s reversal on offshore drilling earns a AAA rating. On the other hand, there ought to be some forgiveness when a politician flip-flops from the wrong policy to the right one. Offshore drilling using modern techniques is environmentally responsible. It adds jobs and enhances the security of energy supplies. So (to borrow a phrase) -- drill, baby, drill.

But let’s also drill without illusions.

North America is not a petroleum-rich region of the earth. Yes, the United States was once the world’s leading oil producer – but only because it was the first region explored. As other regions were opened, the U.S. share of global reserves and global production plunged, not because U.S. wells are under-performing, but because other regions possess vastly greater endowments.

Thus, an oil-dependent future is an energy-insecure future.

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