A remedial education on the oil market, courtesy of the WSJ

From a recent Wall Street Journal editorial:

"I want you to think about this," Barack Obama said in Las Vegas last week. "The oil companies have already been given 68 million acres of federal land, both onshore and offshore, to drill. They're allowed to drill it, and yet they haven't touched it – 68 million acres that have the potential to nearly double America's total oil production."

Wow, how come the oil companies didn't think of that?

Perhaps because the notion is obviously false – at least to anyone who knows how oil and gas exploration actually works.

The rest is here.