The more the media changes the more they fail Econ 101.

I have to admit, I never thought there’d come a day when I embed a Rachael Maddow video in this blog…

There’s a lot of good points in that MSNBC video, but there’s also a healthy heaping of MSNBC lamestream media slant, and a typical Left wing ignorance of economics.

Two quick points: (1) the oil companies aren’t drilling deeper out of choice but because federal and state governments and environmental groups (lawsuits) make it impossible to drill in either shallower water or on land (ANWR, for example, or in the Dakotas).

(2) It doesn’t surprise me that Rachel Maddow is lacking economics 101 education — while petroleum may be the highest in terms of total profit its tax bill and expenses are also sky high. Thus in terms of profit margin, petroleum is more in line or quite behind other industries. IT Networking, for example, and software both enjoy much higher profit margin (20%+ versus about 11-12% for petrol). US petro-giant Exxon-Mobile, for example, ranks 60th.