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Oily, Day Two

Oily, Day Two

Day two and the feeling of being dunked in oil hasn't lifted. In fact, given the financial news rocking Wall Street and the soaring price of oil futures, I'm left feeling greasier than ever.

The latest reports from Washington find the Senate not sure what to do about the House energy bill and the many proposals rising on that side of the Capitol. And unlikely voices are getting louder. This morning's Washington Post has an opinion article from Henry Kissenger and Martin Feldstein:

"The tripling in the price of oil from $30 a barrel in 2001 to around $100 today represents the largest transfer of wealth in human history. The 13 OPEC members alone are expected to earn more than $1 trillion this year from oil sales. Inevitably, this will bring with it major political consequences. Not the least significant aspect of this political and economic earthquake is that it is being exacted upon the world's most powerful nations by some of the world's weakest. Yet the victims stand by impotently as if the price of oil were some natural event determined by a competitive economic market that is not and cannot be influenced by political forces."

In some ways, the solution is quite simple. We need to end our dependence on Big Oil, invest our petrodollars instead in rebuilding our infrastructure. The jobs -- blue, white and green -- that would be created could never been outsourced and would result in real American wealth, not the fantasy Monopoly money that much of Wall Street seemed to be built upon.

NRDC's new friend, Oily, is making his latest appearance on the website of Politico. This time, he's more animated about his message to Washington: Big oil corrupts our government, pollutes our oceans and beaches and leads to national insecurity.

The alternative: clean energy alternatives and efficiency. Tom Friedman's new book, Hot, Flat and Crowded is an instant bible for those of us who believe we can do much economic good -- and reverse global warming -- by improving our energy policies. In the interestingly titled chapter, "If It Isn't Boring, It Isn't Green," Friedman quotes Rick Duke, the Director of NRDC's new Center for Market Innovation.

"If we do enough to scale energy efficiency, the money we save would be enough to pay to clean up -- to decarbonize -- the remaining supply of electrons and fuels so we could power our economy in a way that is consistent with containing climate change," Duke says.

There's much more to explore on this topic and in Friedman's book. But as we await an awakening from our political leadership, I wonder what day three will bring.

 

Tags:
bigoil, energylegislation, politico, tomfriedman

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