energy and election year politics
I finally listened to Obama's energy speech and tried to sort things out. The pressure of November and the success McCain is having with off-shore drilling have forced some changes.
Tapping the Strategic Petroleum Reserve to deal with a long term issue like oil prices is dumb. There will be short term depression of prices, but the SPR is finite and the recognition the holiday is coming to an end combined with the need to refill the SPR to handle real disasters is just foolish.
Likewise off-shore drilling will not have a significant impact for a decade and it will amount to only a few percent of oil production worldwide. Any impact on prices will be tiny if world supplies remain constrained. I think Obama is bright enough to realize there is no such animal as an isolated US market, but the rhetoric doesn't so it (same for McCain).
Energy independence is possible with electricity (although not in the decade Gore wants), but not for oil. The US imports 12 million barrels a day (and increasing) - the few millions from Alaska and off-shore are not enough. First generation biofuels aren't enough and second generation probably aren't either - plus they won't be ready. One can use oil shales and I was unhappy to see shale mentioned in the speech.
Even with tax credits for cars won't change the fleet quickly - that will take a couple of decades.
There are no real specifics, no real vision and a hodgepodge of quick fixes for the short term to keep voters and some of the special interests happy.
He could have done much better.
A voice that moves is needed. I once had hopes his might be the one, but now he is worried about November and is an pander mode.
But - his is much better than the McCain energy train wreck.
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Bob Herbert comments on the short term low hanging fruit ... a common theme here




