"It's the economy stupid" was the mantra of the first presidential election in the 90's. Only the threat of war could trump the economy as the most important issue at election time. Abortion, gay rights, and other social issues will never carry the weight of the economy. It will be bigger than ever this fall, but I bet you can't guess the most important number.
The Tea Party and others are protesting bigger government and the growing national debt. The cost of healthcare and other huge entitlements are causing anger across America. The confusing unemployment numbers continue to hound all politicians. But there is one number that affects all Americans and may be more of a factor in the fall election than any other.
The most dominant water cooler topic is the latest price of a gallon of gas. Every few days democrats, republicans, independents, the employed, the unemployed, the poor, and everyone else stop at the local station to fill their tanks. I take note of the number even on days I don't need to stop. The people who hate to talk politics, know this number well. The only people oblivious to the power of the price of gasoline - politicians.
The BP oil spill has revealed the true colors of most politicians. They are quick to ban drilling and preach the environmental message. They claim the evil oil companies don't want us to run our cars on algae or heat our homes with recycled plastics. Most agree with Bush that we are "addicted to oil". I hate that comment. We can't be addicted to oil any more than we can be addicted to water. It is essential for life!
Whether we like it or not, oil is to our economy what water is to the human body. It may not be possible to switch to "alternative fuels". Besides transportation, oil is central to all manufacturing and many everyday products like plastics and rubber.
The worst moment in our economic recession was when gas topped $4 per gallon. People reduced driving and business suffered. My neighbors complained more about the price of gas than anything else going on at the time. Environmentalists boldly say they want higher gas prices so we will use less. That approach would certainly work to reduce our consumption, but destroy the economy in the process.
The oil spill reminds me just how much oil is still out there. If you want to grow the economy, produce more oil. In the meantime, let the free market take care of producing alternative fuels. The American people would pay top dollar for a clean energy choice and companies would line up to collect the profits. Until then, fossil fuels are our lifeline - "drill, baby, drill".
Check out Bill's blog at www.questionsbybill.com.
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