Their newfound concern for the cost of burning fossil fuels is touching. Their economic analysis is hilarious.
Grist reports:
If the Keystone XL pipeline is built, Americans could pay as much as 40 cents more per gallon for gasoline in some parts of the country, according to a new report by the nonprofit Consumer Watchdog.
“…nonprofit Consumer Watchdog…” is an automatic red flag on credibility. The idea that a more abundant supply will raise prices is, as Jim notes, foolishness.
Of course increased supply means prices will go up….wait…what?
Producers will generously support our foreign partners by passing up higher domestic profit margins.
Eh, nertz, I just can’t make this come out sensible.
That analysis made absolutely no sense. Oil is a global commodity. The oil is not “for Americans” as he thinks. It will go to the highest bidder whether they be Chinese, Indian, Japanese, European, etc.
That might have been true a few months ago when the differential between the WTI price and the Brent price was close to $25 per barrel. As of today, that differential is less than $1.