CRP Blog

Monday, July 21, 2008

Don't Just Hope for More Energy, Vote for It

Senator McCain's latest ad highlights the fact that Barack Obama isn't all that clear on how increases in supply produces lower costs for consumers.

In the ad, which you can watch by clicking here, the campaign draws the distinct contrast between Senator McCain, who supports increased drilling and energy production here in America, and Barack Obama, who does not.

We have repeatedly pointed out on this blog the basic economic principle that the market is an anticipatory mechanism, and that today's prices take into account future supply and demand for a particular product, whether it be iPods, or gasoline. A bold move to increase domestic energy supplies -- oil drilling, nuclear power, etc. -- would have an immediate impact on energy prices.

Senator McCain's ad does a great job conveying this powerful concept in straightforward terms. Take a look.

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