Once You Panic, It Is Way Too Late

Oil prices are, indeed, causing panic.  And as Lee Raymond, the former head of Exxon told The NY Times, "Once you panic, it is way too late."  He characterizes our policy to date as a "no-action policy."

Nearly 70 percent of the 21 million barrels of oil Americans consume daily goes for transportation.  And most of that is for gas in vehicles of individual drivers.  And yet, Washington (with a big push from automakers and the acquiesence of short sighted voters) has refused to raise CAFE standards and gas taxes to levels that would cause Americans to change their gas guzzling habits.

Now, home values are falling in distant suburbs, SUVs are aging on new car lots, car owners are stuck with gas guzzlers, and Detroit automakers are in the ditch. In other words, it's a real mess.

As I read today's story, I kept wondering, what else is out there looming that could seriously threaten our lifestyle?  What could we see if only we tried?  Who is trying to hold onto the status quo that needs to be swept out of the way?

Interesting to note that "America Energy Policy, Asleep at the Spigot" was the most emailed story in the NYT today.

  

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