Friday, August 20, 2010
Alex Epstein has another interesting article about oil. This time he discusses the similarity of Obama's response to the Gulf oil spill to Nixon's response to a similar spill. In both cases they decided to ban oil drilling. While the ban would have (and will, in Obama's case) have negative effects regardless of outside events, the disastrous effect of that was clearest during the Arab oil blockade in 1973-which is also why Nixon lifted the ban after that . Let's hope that it wont take something that drastic and destructive to end Obama's ban.