President-elect Donald Trump is right: Low energy prices are good for America, both households and businesses. One of his favorite campaign slogans was “drill, baby, drill.” Trump promised that his government would open up federal lands to more oil and gas drilling and eliminate unnecessary regulations that retard production, restrain profitability growth, and restrict investment in technological innovations that increase productivity.
Trump will follow through on his pro-energy promises. But oil and gas companies are in the business of making money. That means they will only increase production if the price is right. The energy sector understands that the market determines the prices for oil and gas. When demand is high and supply is tight, prices are higher. That is economics 101. High prices bring out additional supply. Energy companies in the United States are the most…
