Monday, July 28, 2014 8:54:27 PM
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Today, it is possible once again to bring about a dramatic fall in the price of oil, indeed, one even larger than occurred in the 1980s. And it could begin right away. All that is necessary is to abolish the U.S. government's restrictions on domestic energy production inspired by the environmentalist movement.
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Abolishing our restrictions on coal and natural gas production and on atomic power would further compound OPEC's problems. This is because any expansion in the supply of these competing sources of energy and fall in their price serves to reduce the quantity of oil demanded at any given price of oil. The result is that in the face of a fall in the demand for oil, any given production of oil can be sold only at a lower price than would otherwise be possible. In other words, the price of oil would fall not only because of an increase in its supply but also because of the decrease in the demand for oil resulting from the increase in the supply of coal, natural gas, and atomic power. There would be a larger supply of energy in general and a fall in the price of energy in general. ~
George Reisman, Ph.D., is professor of Economics at Pepperdine University's Graziadio School of Business and Management and is the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996).
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