<a href="http://stevebroback.com/2009/markets-speak-drill-drill-drill-philosophy-validated-duh/">Steve Broback on "Drill, Drill, Drill" philosophy</a>

Steve Broback debunks the idea that price control is a good argument against oil use:

Even a measly 1.1 percent increase in output enabled a price collapse to around $40.00 a barrel. A deep worldwide recession didn’t hurt either.

The problem is that even with demand down, the price has stabilized at what is still double the historical average, and four times what it was as recently as 1998 ($11.64 a barrel.) We are still susceptible to huge, debilitating price surges based on hypothetical interruptions half a world away.