President Bush yesterday eliminated a 27-year executive moratorium on off-shore oil drilling (NYT, 7/15/2008, p.A13), a move also supported by presidential candidate John McCain.
The Democrats responded:
(1) that this was an election-year stunt,
(2) that the move would be too small to make a difference
(3) that it would bring no downward pressure on oil prices at the crucial short-term horizon, and
(4) that it would not ultimately help move the country in the direction of energy security.
The Democrats have the right answer, but are perhaps giving the wrong reasons.