How to Win the Energy War
By FRANK G. ZARB
New York Times
WITH as prices hitting yet another all-time high, consider this: while history is littered with examples of countries that were forced to change their domestic and foreign policies because of the lack of a natural resource, there are very few notable instances of nations that had the ability to eliminate such a vulnerability but didn’t. America’s current energy condition, however, is a spectacular example of such a failure. Consider four facts:
No. 1: The United States is very vulnerable to the interruption of its imported oil supply.
No. 2: This dependence on oil has a huge effect on our foreign, military and economic policies.
No. 3: America could have reduced its vulnerability if it had taken decisive action after the 1973 Arab oil embargo. (In 1973 America imported 35 percent of the oil it used; today that figure is greater than 60 percent.)
No. 4: We have never adopted a credible plan to reduce our dependency principally because of a lack of political will.
(Continued here.)
New York Times
WITH as prices hitting yet another all-time high, consider this: while history is littered with examples of countries that were forced to change their domestic and foreign policies because of the lack of a natural resource, there are very few notable instances of nations that had the ability to eliminate such a vulnerability but didn’t. America’s current energy condition, however, is a spectacular example of such a failure. Consider four facts:
No. 1: The United States is very vulnerable to the interruption of its imported oil supply.
No. 2: This dependence on oil has a huge effect on our foreign, military and economic policies.
No. 3: America could have reduced its vulnerability if it had taken decisive action after the 1973 Arab oil embargo. (In 1973 America imported 35 percent of the oil it used; today that figure is greater than 60 percent.)
No. 4: We have never adopted a credible plan to reduce our dependency principally because of a lack of political will.
(Continued here.)
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