It's time to step up to the plate on the oil situation and implement a multi-faceted approach. It's time to reason through the hysteria of those who complain (as several have done in recent columns in this paper) but offer no alternative solutions except to say " . . . each of us must strike a balance between attending to the corporeal needs of a material existence while simultaneously embracing high spiritual aspirations . . . . "Or" . . . .We have to move forward. And we have to begin the conversation now. We have a lot of work to do and not much time. Summer may be upon us, when, as the song goes, the living is easy. But winter is just around the corner." And this, " . . . ..What's more important: To drive wherever we want and consume whatever we think we have to have, or to secure a future for the generations yet to come, a future worth living on a planet that can sustain a healthy diversity of life?"
Say what? Hey, finish the sentences. What work do we have to do? Exactly what is a planet that can sustain a healthy diversity of life? Please describe those "high spiritual aspirations."
Gutless and spineless politicians on both sides of the aisle --many of whom now have gone in hiding-- offer the same old drivel about alternative energy sources and conservation. They talk about ethanol (which has been the "answer" for as long as I can remember), they blow foul wind about wind-induced energy, they offer up geothermal, hydro, solar and tidal energy alternatives without even knowing what they are talking about, and they have the gall to discuss government-mandated miles-per-gallon limits.
Stop this insane pandering and do your due diligence and at least try to understand the fundamentals of global economics. Do what is necessary to bring our great country back on its feet predicated, in part, on the basic economic logic that prices come down when supply goes up. Initiate actions that include but are not limited to the following:
* Understand that any policy must be predicated on a clear balance between our need for oil and energy sources and the impact of that need on the eco system.
* Remove the Moratorium on offshore drilling and utilize ROV techniques.Today, many companies are dedicated to operating a range of remotely operated vehicle (ROV)systems. This contributes to clean offshore drilling and can sustain operations in the coastal oceans and large lakes accomplishing a range of complex research tasks. One example of such a company is Oceaneering Int. Inc (OII).
* Regarding steps to drill in the Arctic National Wildlife Refuge (ANWR), determine once and for all whether environmental concerns over-ride the potential benefits of drilling. If not, pass pro-drilling but ecologically sensitive legislation forthwith. The determination must be made by those who hold no stake in the outcome.
* Begin a selective and staggered approach to utilizing nuclear energy, and recognize that one part of the risk-reward equation is that well-operated nuclear power plants do not release contaminants into the environment
* Provide meaningful financial incentives for use of solar and wind-induced energy.
* Provide financial incentives for realistic approaches to energy reduction: conservation, weatherization, efficiency, and on a somewhat longer term, renewables.
* Utilize coal energy on a selective basis (rural areas, for example) recognizing that the coal industry has found several ways to reduce sulfur, nitrogen oxides, and other impurities from coal.
* Implement appropriate controls on paper trading of oil futures so there is no possibility whatsoever the crisis is caused by such trading as much as it is the result of fundamentals--keeping in mind that hyperventilation over such speculation allows politicians to engage in political theater and blood sport while distracting us from the real issues.
* Politicians need to understand that a critical and basic concept in understanding supply and demand theory is elasticity; they need to understand (in the context of oil) how the supply and demand of oil responds to various factors.
* Do not tax windfall profit taxes. Such a tax passed in 1980 was an abject failure. There are few if any oil economist who would argue that windfall profit taxes are good for consumers, but that's a story for another column.
* Remove restrictions so that refineries can be built--something that has not been done in 25 years. Create a business partnership with Brazil to get in early on their recent and massive oil find.
* Seize the opportunities that the Canadian Sands present as an alternative source down the line, but realize China has already contributed to the building of a pipe line to the Canadian shore. Some say The Canadian sands contain the biggest known reserve of oil in the world. An estimated 1.7 to 2.5 trillion barrels of oil are trapped in a complex mixture of sand, water and clay. Companies like Petro-Canada have been in the oil sands for many years.
* Determine how Joe Kennedy can buy heating oil from Citgo via Venezuela for needy people in Boston. Is there a way we can do this here in New Hampshire? If so, why is it not being done? Are we not entitled to answers?
* Last but not least, remind Saudi Arabia in diplomatic terms just what the Carter Doctrine of January 23, 1980 asserts and what the later Reagan Corollary to the Carter Doctrine of October 1981 proclaims.
Heck, I don't have all the answers but at least I have recommendations, and I will no longer remain on the sidelines with those saying "oh isn't it awful." I truly believe a multi-faced approach can go far in solving our energy issues, but we need to get through some difficult political knotholes--ones that are predicated on the fast-deteriorating assumption that environmentalists know what is best for the United States. Indeed, I'm tired of flower children who whine but offer up nothing to resolve the crisis except rants, poems and other such nonsense. Still, as long as politicians fear their perceived wrath and hysterical predictions of another Exxon Valdez or China Syndrome, our energy policies will be tantamount to going to a gun fight armed with a cake knife.
You want to place blame, place it squarely on our government for failing to come up with a credible energy policy.
"At times in history when you have vast and impersonal forces wreaking havoc in markets, there is always a temptation to villainize someone. Centuries ago, it was Shylock; now it's the speculator and the short-seller." -- Ron Chernow, Business histroian
"When we went through the [oil] crisis [in the 70's], we thought US$30 oil was unbearable. Ironically, the steps that we proposed at the time, which were more or less accepted but never implemented, are still the steps people are talking about and are not yet implemented." --Henry Kissinger, June 11, 2008
When the well's dry, we know the worth of water." -- Benjamin Franklin, Poor Richard's Almanac
Ted Sares, PhD., is a syndicated writer who writes columns, essays, articles and short stories for a number of different publications. He is also a well-known boxing writer and boxing historian.
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