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Originally Posted by dc_dux
Here is the latest Republican solution announced, in very general terms by the Sen Minority Leader yesterday: * open parts of ANWR and the OCS to drilling
* invest in the the development of oil shale in Colorado, Wyoming, and Utah
* invest in clean, coal-to-liquid fuels
* accelerate the development of advanced batteries to power plug-in hybrid vehicles
* encourage the construction of new refineries
* suspend filling the Strategic Petroleum Reserve for six months
http://mcconnell.senate.gov/record.c...297147&start=1
Anyone impressed?
This is the week of dueling energy plans. The Dems will be released later today.
Now if they could only work together on something sensible and meaningful with a focus on long-term, environmentally and economcally sustainable solutions and a recognition of the need for short-term sacrifice. |
Not impressed, but I have not been impressed with Democrats on this issue either. This has been on the table almost 40 years, and we are having the same discussions.
I know I should not say this, but perhaps this whole issue is over-blown and the problem is not as bad as we think it is.
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Energy and food companies may spend less time in the spotlight today because their output commands a smaller share of people's pocketbooks than in decades past. Gasoline, for example, currently accounts for about 5.4% of household budgets, down from 7% to 8% in the early 1980s.
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Adam Sieminski, chief energy economist at Deutsche Bank, has been trying to calculate how much oil prices would need to rise for consumers world-wide to feel as alarmed as they did in 1980, when crude soared to a then-unheard-of price of $40 a barrel.
If one adjusts for constant dollars, as measured by the consumer price index, oil at $100 a barrel today would be comparable, he says. But if one also adjusts for the somewhat smaller bite oil takes out of personal income -- as people have become more energy efficient -- it would take a price of $135 to $150 a barrel to produce the dislocations caused by the 1980s price spike.
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http://online.wsj.com/article/SB1209...googlenews_wsj
http://mises.org/story/1892
This is a few years old but it helps put things in perspective when adjusting the price of oil in constant dollars over time.
