Friday’s Investor’s Business Daily ran an editorial concerning the energy policies of the current administration. Daniel Yergin, chairman of HIS-CERA, testified before the Joint Economic Committee of Congress last week. He pointed out that in the past year in regard to energy prices we have experienced a ‘demand shock’ caused by rising global demand. We have also experienced a ‘recession shock’ caused by falling demand due to the global recession. He is predicting a “long aftershock” in our future with high demand returning with a vengeance along with a global economic recovery, leaving those who buried their heads in the oil sands in the economic lurch.
Energy is a national security issue as well as an environmental issue. I am not in favor of pollution, but I am also on the record as a skeptic in terms of man being responsible for any climate change. To close our eyes and refuse to develope our own fossil fuel resources is economic and national suicide.
According to the editorial:
“The U.S. and Canada together hold 15% of the world’s proven reserves, and that’s not even including the potential of American oil shale and Canadian oil sands — which are massive.”
There are places in southern California where oil is so plentiful underground that they have a problem with it seeping above ground and polluting. Think what California could do by capturing that oil and refining it for use within the state! It would create jobs and tax revenue.
I am not opposed to ‘green’ energy, but right now we are a carbon-based economy, and to close our eyes to that fact is very unwise.