With gasoline prices rapidly climbing back to the $4.00 a gallon level, it is time to once again plead with our representatives in Washington to show the much needed leadership on the issue of energy policy. In the just completed election cycle, there was far too little attention paid to this critical economic and national security issue. As recent events have shown, we have left our economy hostage to the old boom bust cycle of the petroleum markets. At the same time, we have allowed ourselves to become hyper dependent on events in the Middle East and a number of other (usually highly unstable) underdeveloped countries around the world.
The cost and the risks of finding new oil are going up every day. We had a very dramatic display of this last year with the Deepwater Horizon Well in the Gulf of Mexico. That well, which caused at least $20 billion worth if damage, was in waters “only” one mile deep. Other rigs are currently drilling “ultra-deep water” wells that go several miles down. We are clearly having to take bigger and bigger risks to get to additional reserves and those risks will surely come back to haunt us, just as we are seeing today. It seems we have already forgotten the lessons of that terrible experience.
It is not that we do not have other options – we certainly…
I have invested some time and (renewable) energy arguing against federal subsidies and hand outs to prop up businesses that make environmentalists and their democrat sugar daddies happy. My primary objective with "green" energy projects has not been the business itself or even the goal, but the way in which the state and federal government uses our money to pick winners and losers or to incentivise things.
Democrats continue to insist that they created jobs. To do this they extracted trillions from our economic future in an effort to create jobs that did not yet exist–that perhaps were not needed yet. Looking at similar exercises, cash for clunkers–which moved car sales forward a few months but has since resulted in a collapse in the market; the home mortgage bail outs, supports, credits, and the "home affordable" programs which improved home sales briefly but which have since collapsed (also to historic lows); and then there’s the stimulus, several public sector employee bailouts, bank lending infusions, small business bills, and everything in between including health care reform–many trillions spent, all made with claims that they would create, save, or incentivize job creation.
I haven’t written a post about energy for almost a week so I’ll keep this one short.
With bi-partisan support the Senate has blocked a new energy tax passed by the House that would have hit the middle class and working families right in their shrinking wallets.