Sense and Reality on Energy

Floyd Norris in the NYTimes;

High oil prices have helped to bring down the American economy and to devastate Detroit. Politicians are talking about energy policy, although they seem to be talking past each other.

So it is now, and so it was in 1974, after the price shock that arrived after the Arab oil exporters started an embargo in retaliation for America’s support of Israel in the Yom Kippur War, and learned that they could sell oil for a lot more than they had thought.

From the perspective of 2008, what is most remarkable is that in 1975, the country had a president who actually wanted to confront the issue. The answers he proposed seem highly relevant now, even if the steps needed are much larger than would have been necessary if action had been taken back then.

Can you imagine hearing the following statements from either Senator John McCain or Senator Barack Obama?

“To provide the critical stability for our domestic energy production in the face of world price uncertainty, I will request legislation to authorize and require tariffs, import quotas or price floors to protect our energy prices at levels which will achieve energy independence.”

“Increasing energy supplies is not enough. We must take additional steps to cut long-term consumption.”

“Obviously, voluntary conservation continues to be essential, but tougher programs are needed, and needed now.”

Those are excerpts from President Ford’s State of the Union address in 1975.

Jimmy Carter, great as he was, was NOT the only president who attempted to grab this bull by its horns. Over, and over, and over again, the American people have been exhorted by sensible leadership to do better. Sadly, these exhortations have all fallen on deaf ears. They threaten to do so again.