The United States is late, very late, in using its own resources — but not too late. At a House energy hearing last week Adam Sieminski, Deutsche Bank's chief energy economist, said the mere announcement that Alaska and the outer continental shelf would be tapped in the near future would have a profound effect on current oil prices.
There's no excuse for not acting. Sen. John McCain, the presumptive Republican presidential nominee, has been wrong on this issue, but this week said he now favors opening the outer continental shelf for drilling. Better late than never in joining Inhofe and others in getting America's energy resources on line — as every other nation on the planet already is doing.
Democrats will be hard-pressed to keep saying no to more supply, as they have for years. Gasoline prices have risen from $2.33 a gallon to more than $4 a gallon on their congressional watch.
We sense they will be held accountable. As The Wall Street Journal's Daniel Henninger wrote in a column last week, "someone needs to explain to them (Americans) why we — and we alone — are sitting on an ocean of energy but won't drill for it.”
The argument is about as compelling as it gets.