Energy: if you watched Tim Russert on Meet the Press this AM you learned exactly what the energy problem is: the politicians. The participants were four energy experts and one posturing pol. The pol was Dick Durbin from Illinois, the home of corn and hence the home of the ethanol lobby. This guy was determined not to listen to anybody on the panel and was only interested in taxing, investigating (and any investigation better come up with his predetermined opinion), and posing for Holy Pictures.

The experts pretty well explained: refinery capacity has actually gone up during the period of consolidation; ethanol is a pain in the ass; drilling in the U.S. can't be done; refineries cannot be built due to local opposition; a windfall profits tax is counterproductive (Durban saying "fuck you, we're doing it anyway."); world wide demand is up; tensions in various oil producing countries has everyone supply concerned; there is no evidence of price fixing or collusion (not to Dick Durbin who says there is); Iraq oil has not been forthcoming; mpg standards must be raised but it isn't a magic wand because it takes a couple of years for engines to be designed; and the failure of all concerned to plan properly for the substitution of ethanol for MTBE.

Durbin's drooling was a guarantee that the political class will pay no attention to the facts but will pontificate, oraculate absurdities, continue spending like there was tomorrow, thus making things worse.