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RegionName: Old Colorado City
OtherArea: Pleasant Valley

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Re: “Energy rhetoric defies reality

There is some legitimate emotion and cause behind this opinion, but it reflects the sort of economic naivety which is seen too often on both the right and the left sides of the political spectrum. The fact is that, at $120 per barrel, we now have lots more reserves in the ground-- This is because oil (such as oil tars, oil shale, and oil sand) which cost (for example) $60 per barrel to extract, did not count as reserves when oil was $20 per barrel--we can now extract previously marginal oil profitably. We now have enough proven reserves to last our economy 50 years at current rates of consumption, which *can* be counted on to go down, if we take advantage of our reserves to buy time with which to develop alternatives and conservation measures. Government regulations which were put into place when regulators (similarly economically naive)believed that oil could be had forever (and safely) from foreign sources at $20-$40 per barrel simply make no sense in the new economic reality. Both the left side and the right are engaging in too much drilling demagoguery. These are basically production engineering and value-and-cost questions. It is irrelevant that our share of proven reserves is only 3% of the world's supply, if we can run our economy on our proven reserves for a long enough time to reduce our carbon footprint to more sensible levels. We can in fact achieve much more practical energy independence in an environmentally sensible way, if we but tone down the rhetoric, change regulations, and allow our markets and our problem-solvers to go to work. I think the American people are ready for such a course of action. What do you think?

Posted by promiseKeeper on 08/10/2008 at 11:06 AM

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