Drill, baby, drill and $50 oil to curb inflation
Trump is well positioned to deliver on this campaign promise
COMMENTARY
By Peter Navarro - Tuesday, November 26, 2024
OPINION:
Of the many reasons President-elect Donald Trump trounced Vice President Kamala Harris, inflation is at or near the top of list. Too many Americans are being forced to choose between food on the table, medicine in the cabinet and a roof over their head. Too many American businesses have been forced into bankruptcy as inflation has squeezed margins; bankruptcy filings have risen by 40% in the past year alone.
There are many ways the president-elect has promised to curb inflation — and thereby bring down interest rates and credit costs. Yet none will be more important than “drill, baby, drill.” This is because of the outsized role that oil, natural gas and petroleum derivatives play directly and indirectly in the cost-price structure of the American economy.
In the transportation sector, it’s jet fuel for airplanes, gasoline for our cars and diesel for our trucks, buses, trains and ships.
Natural gas fires our power plants, gas turbines run our factories, propane helps cook and heat the food we eat. Petroleum is also the feedstock for our lubricants, plastics, polymers and fibers as well as for asphalt for road construction and roofing materials, foam for insulation and plastic for pipes.
In our households, there are personal care products such as cosmetics, shampoos and soaps and our plastic wraps, bags and containers. We even use petroleum products for medical supplies such as IV bags, syringes, and surgical instruments as well as ingredients and pills, capsules and medical devices.
Then there is this chicken-and-egg problem: American’s agricultural production accounts for a full 20% of energy expenditures. On our farms, it’s not just diesel and gasoline that drives our tractors and combines. Nitrogen-based fertilizers are derived from natural gas, while the mining of other types of fertilizers such as phosphates requires lots of energy.
Clearly, the road to price stability — and a return to American strategic energy dominance — runs through the oil fields of Alaska, Colorado, New Mexico and Texas and the fracking wells of Louisiana, Pennsylvania and Texas. If Mr. Trump can get the price of oil back down to $50 a barrel, that alone will shave half a point to a full point off the inflation rate.
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READ MORE: https://www.washingtontimes.com/news/2024/nov/26/drill-baby-drill-50-oil-curb-inflation/
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