Commentary by Michael Swickard - Last week’s column mentioned political energy policy as one of five major issues Americans need to keep their eyes on this election and not be distracted by hundreds of other lesser political issues. When I mentioned drilling to lower gas pump prices, my email filled up with Econ 101 deniers who said supply and demand does not work in the oil patch because oil is global. That answer is simple, quick and wrong. Econ 101 deniers say all nations drink from only one bucket (a very large one) so the price of oil in India is exactly the same price as it is in Indiana. It is not. There are many reasons why crude oil price is different by nation, not the least of which is the actual purity of the oil. Further, we use oil products regionally; therefore regional influences adjust the prices. It is important to count the major ways our government is a factor in the pump price of fuel.
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Swickard: Oh those Econ 101 deniers
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