In his new article “Drill, Baby, Drill” Stein spouts nonsense with just enough facts to make everyone think he is on to something with off-shore drilling.  He suggests that more off-shore drilling will be a major factor in gaining our energy independence.  He couldn’t be more wrong.

We, the United States, only have 1.5%-2% of proven world reserves (numbers based on the 2007 BP Statistical Review and 2008 Oil & Gas Journal).  Even if we double or triple this amount with new drilling it would only add a few percent to the overall world production.  This would hardly be enough to gain energy independence, but it would help if we actually kept all of our oil in the U.S.  Guess what….we don’t.

The oil produced in the United States goes on the world market like every other drop produced on this planet.  This market then efficiently distributes the oil across the globe and, in turn, determines the price. 

So what, right?  There would still be more oil, thus the price would go down a little…right?  Nope.  Does anyone seriously believe that OPEC and Russia would just keep pumping out their original amount if we added another 1-3% to world production?  No, they would cut their production to match the increase and keep the prices high.

Even if we nationalized our own oil fields and kept it off the market, OPEC/Russia could easily estimate the production and lower their production accordingly.

Thus, we would have oil at the same price, while we deplete our reserves at a time when oil reserves worldwide might be facing a significant decline and increased demand.  We don’t want to deplete our reserves without an overall plan to replace oil energy within our economy.  This would really leave us helpless. 

We need a national energy plan to improve our national security and our economy.  Without this plan we leave ourselves open to the whims of dictators and third world despots who love nothing more than making the most powerful country in the world uncomfortable.  Ben Stein is an idiot!  If you don’t believe me just type that in your favorite neighborhood search engine and enjoy the massive number of hits you get.