I completely agree with the fact that we need to do our own oil drilling here. There was a very interesting report that I heard on the news that 65% of the oil pollution in the oceans is from natural seepage of oil out of the ground and into the water and we could be taking advantage of that where as only 35% is due to human intervention.
Anyway...the real cause for the oil prices skyrocketing is due to the weak dollar. Supply and demand has what to do with the problem, but not like the weak dollar. The one thing I don't understand is why the Fed is not raising the key interest rate. They lowered it to avoid a recession and that may have worked, but at the same time they may be facing stagflation. The economy is suffering because of the high energy prices and if the main cause of this is the weak dollar then why not increase the interest rate? I am a business major and I am fascinated by economics, but I am clearly missing something here that Ben Bernake is seeing I just don't know what it is. Sometimes recession is good for a country because it will cause things to rebalance themselves and I think that this country could use that right now.