“With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices,” President Barack Obama said in his weekly address March 10. “Not when we consume 20% of the world’s oil.”
The claim is, if not blatantly false, at best grossly misleading. If the President didn’t know this, some advisors should be dismissed. If he did, he needs to accept the blame and formally correct it.
And so it continues.
It is true that our entire economic system depends on scarcity. Sometimes the appearance of scarcity has been created where none existed to warp the market, no doubt.
The question is, why now?