There was a big CERA meeting in Houston today, and oil supply was a huge topic. One fact former CIA director James Woolsey pointed out is that "Drill Baby Drill" is simply a myth, and he's absolutely right about that.

If we (the U.S.) were to tap out our maximum oil resources in places like the Gulf of Mexico and Alaska we would only produce about 3% of the world's oil; the Middle East produces about 80%. They own and control it and they'll continue to set the price. There's simply nothing we can do about that. There was a time when the state of Texas could provide enough for the nation at a reasonable price, but those days are past. The solution to this crisis is obviously mulifaceted, but one thing just about everyone agrees on is the use of natural gas for big trucks and buses. That'll help tremendously and we are the Saudi Arabia of natural gas; not oil though. Hydrofracturing natural gas wells is not easy however.

Re. the war in Iraq: even Secretary of state Hillary Clinton now says that "Regardless of the validity to the reasons we went there, our presence should be continued because we need democracies in the Middle East." Unless you're just plain opposed to war, despite the utilitarian outcome of said war, everyone on both sides pretty much agrees our being there is a good idea.

And as far as Bush being the great spender: if you listen to Rove and other economic righties, Obama has already spent more than all other presidents combined. Not completely true, but I think it's time to stop burying Bush at every turn.