As you read this, keep in mind that I have no quarrel with exploring for new oil and gas. My argument is with those who flat-out lie about the urgency of opening up more land and water to exploration and production.

The oil that might be produced from now-restricted sources would not impact gasoline prices in the near term - near meaning 10-12 years.

It also bothers me that all of the screaming and gnashing of teeth is a canard whose purpose is to divert attention from the best real sources of energy:

1. Conservation. As one small example, universally inflating tires properly and carefully tuning engines WILL save 4x as much petroleum as can be produced by opening up ALL restricted offshore drilling in the USA. Who agrees? The US Department of Energy, the US Department of Transportation, REPUBLICAN Governor of Florida Charlie Crist, REPUBLICAN Governor of California Arnold Schwartzenager, those leftist pinkos at NASCAR, and the anti-progress commies at the American Petroleum Institute- and thousands of actual experts (even many of those who are owned and operated by the oil industry). Total cost: $0 (you were going to get that tune-up anyway).
2. There are thousands of other little things that people can do every day to conserve energy. Total cost: $0.
3. There are hundreds of bigger things that people can do to conserve energy. Total cost: $some. But insulating buildings, using energy-efficent electrical products, orienting houses to take advantage of free sunshine, and so on.... all have short pay-back periods.
   
4. Reopening old oil wells that were capped back when it cost to much to extract the oil that sold for $10-$15 per barrel. That supply dwarfs the supply in the proven reservesin our offshore zones. And ANWAR's small reserves don't even register on any scale that metters. Cost to the consumer: $0. Cost to the oil industry: much less than the cost of new development.
5. Alternative energy sources: Oilman T. Boone Pickens and billionaires like Richard Branson, Bill Gates, Warren Buffett are all investing in the growing alternative energy industries.... especially wind power.
   
6. Alternative energy sources: In Germany, ALL new houses have built-in energy-producing equipment (mostly solar, in gray, gloomy Germany!). Sure it costs something, but the payback is under 10 years... and German law (and US law) require power distribution companies to buy unused home-produced energy that is fed into the grid. That shortens that payback period.
7. Alternative energy sources: Who holds most of the US patents and produces most of the equipment for solar-to-electricity production - and have been in the industry for 0ver 30 years? Atlantic-Richfield (ARCO)
   
8. Alternative energy sources: Bio-fuels (no, not that boondoggle corn-based ethanol). Ethanol from carbohydate-rich plants. Soy (even Henry Ford and Rudolph Diesel promoted soy oil). Pond Scum: one of the most promising sources being researched is algae. Think about it: today's oil is not based on dinosaurs; it's based on ancient algae and plankton. Grow algae, but don't bother to wait millions of years to harvest the carbon in those plants; scrape it out of your now-useless backyard pool and sell it to the next Exxon. Then go back and grow more.
   

Opening up new oilfields will not produce any usuable petroleum for 7-10 years, and supplies would have a negligble effect on gasoline prices only after 12-15 years. That's 12-15 years better devoted to developing energy sources which are better, cleaner, cheaper.

Considering the awesome business opportunities that await entrepreneurs, why is our government policy focused on promoting old-school oil and all but destroying alternatives? Do I really have to tell you? More significantly, why don't oil companies use their massive resources to corner the market on new energy sources AND extend the profitable life of their oil assets?

The reason is short-term thinking and greed. The people who fund big projects no longer consider the long run. They want it all now! The gimme generation is worried about next quarter's stock price and next quarter's bonuses. Screw you and your children and children's children. The gimme guys died with the most toys, and the future gets to clean up their messes.

What ever happened to taking responsibility for one's actions?

Labels: algae, alternative energy, bio-fuel, biofuel, entrepreneur, ethanol, personal responsibility, profit, responsibility, solar, soy, wind