Paul Krugman on the Oil Industry

Here are the key points:

U.S. energy policy has little effect on oil prices or overall employment.  Oil prices are a function of the global market.  The oil industry is already going like gang-busters but hasn't made a dent on unemployment.  The increase in oil jobs over the last 6 years is about .05 percent of the jobs in this country.

Excessive regulation isn't hurting the industry.  One can easily argue that the industry is currently enjoying the most favorable regulatory regime it has had in decades.

Because of high productivity and high prices in the global market, the U.S. oil industry is doing very well.  The only way to bring prices at the pump down is to somehow reduce global demand.  That isn't going to happen.  It would be better to make the adjustments we need to make to live with high gasoline prices.