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Saturday, May 3, 2008

Dumb as We Wanna Be

Thomas Friedman's recent article on the state of U.S. energy policy spells out in rather blunt terms the delusion that the nation appears to be operating under. The U.S. Congress (and let's not forget this one is dominated by democrats) does not appear to have any intention of doing anything that may shift some of the energy market share from fossil fuels to renewable energy any time soon.

While this has some nasty implications for hopes for greenhouse gas emissions reductions, there are perhaps some more immediate economic implications associated with such an unrelenting march down an untenable path. As Jad Mouawad wrote last weekend, none of the possible futures for global oil supply and demand look particularly attractive. The only question seems to be whether rational economics will smoothly drive investment from oil to alternative energy sources at an efficient rate, or whether the transition will be marked by a crunch with many left high and dry.

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