The 500-Mile-Per-Gallon Solution
Soaring oil prices -- crude is over $55 a barrel and unleaded gasoline over $2 a gallon -- are not much of an economic or political issue. Yet.
In absolute terms, today's prices are still half of the 1970s peaks, and the U.S. economy has become much less dependent on petroleum since then. (Computers run on electricity, not gasoline.) But imagine what would happen if Al Qaeda were to hit the giant Ras Tanura terminal in Saudi Arabia, where a tenth of global oil supplies are processed every day. Prices could soar past $100 a barrel, and the U.S. economy could go into a tailspin. As it is, high oil prices provide money for Saudi Arabia to subsidize hate-spewing madrasas and for Iran to develop nuclear weapons.
Both Democrats and Republicans know this, but neither party is serious about solving this growing crisis. Democrats who couldn't tell the difference between a caribou and a cow grandstand about the sanctity of the Arctic National Wildlife Refuge, even though 70% of Alaskans are happy to see a bit of drilling in this remote tundra. Republicans, for their part, pretend that tapping ANWR will somehow solve all of our problems. If only. A government study finds that, with ANWR on line, the U.S. will be able to reduce its dependence on imported oil from 68% to 65% in 2025.
|<< PREVIOUS||NEXT >>|
blog comments powered by Disqus