FOR IMMEDIATE RELEASE
July 15, 2008
Brian Kennedy (202) 434-8200
Supply and Demand is Not a ‘Hoax’ or ‘Failed’ Approach
The U.S. has failed to increase supply
Washington, D.C. – Thomas Pyle, president of the Institute for Energy Research (IER), issued the following statement in response to opponents of the President’s decision to rescind the executive ban on offshore energy production:
"The law of supply and demand isn’t a hoax, it’s the fundamental economic principle of a free market," Pyle said. "The prices our consumers are paying at the pump stem from the fact that our federal government has ignored and restricted the supply side of the equation for more than three decades. Domestic production has fallen to its lowest level since World War II and our dependence on foreign sources is constantly reaching new highs. Opening new areas to exploration and production isn’t a hoax or a ‘failed’ approach – it’s the only thing our government has yet to do."
More on outer continental shelf (OCS) energy production: supplies, bans, and natural seeps.
The Institute for Energy Research (IER) is a not-for-profit public foundation that conducts extensive research and analysis on the functions, operations, and government regulation of global energy markets. Founded in 1989, IER is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from government (taxpayers).