It was instructive to listen to oil company executives try to elucidate causes of high energy prices at Congressional hearings yesterday. Now, I believe, that politicians smart enough to graduate from Law School should have a fundamental understanding of the Economic Law of Supply and Demand. So why are these politicians spewing their ignorance?
Lets review some facts:
- we have lots of oil in this country - more than 75% off-limits due to Environmentalists
- we have even more shale-oil deposits off limits due to ???
- We have enough coal to last for centuries. In the 1970's I worked for a coal company developing technology to convert coal to oil. Why aren't we working on that?
But wait you say - what about global warming?? We can't burn all those carbon based fuels, can we? Besides the lack of evidence to support AGW (man made global warming), let's assume that it's true. Well obviously we should be going full speed ahead to the only green-house friendly energy source that is economically viable. Windmills?? No. Solar energy?? No.
Nuclear power!! But wait- we can't build new nuclear plants. Why? Well the environmentalists feel that the truckload of waste fuel that that has been accumulated over that last few decades will threaten their god planet.
So politicians paid off by environmental interests have reduced supply of energy in all manner (except for really expensive sources like solar and wind). So it's no surprise that prices are high.
It's time to stop blaming oil companies when you go to the gas pump and put the blame squarely where it belongs - the wacko greens.