Why We're Suddenly Paying Through the Nose for Gas
As the pain induced by higher oil prices spreads to an ever growing share of the American (and world) population, pundits and politicians have been quick to blame assorted villains -- greedy oil companies, heartless commodity speculators and OPEC. It's true that each of these parties has contributed to and benefited from the steep run-up. But the sharp growth in petroleum costs is due far more to a combination of soaring international demand and slackening supply -- compounded by the ruinous policies of the Bush Administration -- than to the behavior of those other actors.
Most, if not all, the damage was avoidable. Shortly after taking office, George W. Bush undertook a sweeping review of US energy policy aimed at expanding the nation's supply of vital fuels. The "reality is the nation has got a real problem when it comes to energy," he declared on March 14, 2001. "We need more sources of energy." At that time many of the problems evident today were already visible. Energy demand in mature industrial nations was continuing to grow as the rising economic dynamos of Asia, especially China, were beginning to make an impact. By 2002 the Energy Department was predicting that China would soon overtake Japan, becoming the world's second-largest petroleum consumer, and that developing Asia as a whole would account for about one-fourth of global consumption by 2020. Also evident was an unmistakable slowdown in the growth of world production, the telltale sign of an imminent "peaking" in global output [see Klare, "Beyond the Age of Petroleum," November 12, 2007].
With these trends in mind, many energy experts urged the White House to minimize future reliance on oil, emphasize conservation and rapidly develop climate-friendly alternatives, especially renewables like wind, solar, geothermal and biofuels. But Dick Cheney, who was overseeing the energy review, would have none of this. "Conservation may be a sign of personal virtue," the Vice President famously declared in April 2001, "but it is not a sufficient basis…for sound, comprehensive energy policy." After three months of huddling in secret with top executives of leading US energy companies, he released a plan on May 17 that, in effect, called for preserving the existing energy system, with its heavy reliance on oil, coal and natural gas.
Keeping his pals in business as promised at the expense of the American people too wimpy to protest is the Perfect Storm.
Like the war criminals they are,I would expect no less.
Fascism, often tried, never succeeded, but they still keep trying. What is that phrase about trying the same thing over and over expecting a different result being the definition of insanity?
I wish they would quit trying so we could all catch a break.