September 07, 2006
Incentives Matter: Front Yard Oil Well Edition

A news item:

HOUSTON (Reuters) - Oil prices are so high, that oilman Steve Jordan is drilling a well next to his home near Lake Charles, Louisiana, he said on Wednesday.

Jordan, 52, said the well will stretch 8,500 feet (2,591 metres) under his house and swimming pool and below the adjacent Calcasieu River.

He hopes to strike oil in about 10 days on a prospect that wouldn't have been worth drilling when prices were lower, he said.

Posted by E. Frank Stephenson at 09:16 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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