Energy Policy: A top expert tells Congress that oil will be around for a long time and high inventories and low prices are no excuse not to find more.
Energy prices have fallen — but only as part of the global decline in economic activity.
The current recession has wiped out demand growth for the last four years. Oil prices have tumbled $100 a barrel or more from their high point. Spare production capacity is expected to be 6.5 million barrels per day through 2009.
This has been used as an excuse to further discourage exploration for and development of domestic oil resources.
Anticipating a robust future, other countries such as China and Brazil have continued to look for oil while we continue to research . . . switch grass.
When the economy does recover, our energy 'policy' alone will provoke a follow on recession where we drive to the unemployment office in our government-designed clown cars...
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