Bastiat's Revenge

Why are we drilling for oil in water over a mile deep where the risks and difficulty of recovery are an order of magnitude greater than traditional oil exploration sites?  Perhaps it has to do with the fact that most of the US' potential remaining oil reserves onshore and in shallow coastal waters have been placed off limits by the Federal government to 'protect' our environment (and the Geological Survey says we likely have huge untapped reserves).  Without the bans, the Oil companies wouldn't be exploring in deep water.

So policies to 'protect' our environment lead to the greatest environmental catastrophe in recent memory.  This has actually been going on for a long time.  Immense environmental catastrophes have been perpetrated in the Niger delta and Siberian Tundra to produce oil that might not have been produced were it not for the US' (without precedent in the world) ban on exploiting our cheap, accessible resources.

And the catastrophe will lead to further restrictions and bans pushing energy companies into even riskier and more costly endeavors.  The end game:  literally millions of 20 story bird Cuisinarts from sea to shining sea (well actually a lot of them will be in the sea) at six times current energy cost.

Frederic Bastiat, the Father of unintended consequences, would be proud.  Our leaders and media geniuses will no doubt fail to see the irony or even understand the point.

H/T:  Mark Steyn