Klein on the new media, Driver Reaction Time, Movie Poster, Coldstone Rant, Carroll on Steve Jobs
Interesting Point Raised by Celebrity Death

Political Briefs

Drill Baby Drill
The "drill, baby, drill" crowd, some of whom send me emails, is making me nuts. Oil is a fungible product, traded on world markets, which are controlled by international demand (over which the US has no control) and speculation. "Generally speaking, there's about one-third speculators making deals on oil and two-thirds of end users. Right now, it's the exact opposite. McClatchy News Service found that, currently, Wall Street speculators make up almost two-thirds of all trades." The US could control speculation, but politically chooses not to. It is not oil scarcity driving up prices, and US drilling won't bring it down for very long, or in a very widespread way. Alaskan oil already largely goes to Japan. Anhy new oil will go to Brazil, Russia, India and China at the world price, unless you believe Chevron will have a special "U.S. only price." Dream on. More production will improve out balance of payments, but it sure as heck won't lower our prices.