Saturday, March 24, 2012

The most important thing....

Perhaps the most important new geopolitical fact since the demise of the Soviet block in the early 1990s is that the US is returning to energy independence. Actually, when you include Canada and Mexico in the mix, the North American continent is yet more energy independent. A large number of environmental activists, some heavy hitters among them like Bill McKibben, see the increase in domestic oil consumption as a bad thing, primarily because it means that total global oil production/consumption is now also likely to increase, for the first time in a while, adding to our climate woes. But there's another way to look at it. It's going to take many billions, perhaps trillions, to pay for the renewable energy capital needed to eliminate our dependence on carbon-based fossil energy resources. We're certainly not going to get there if the economy is in the tank and we have to continue protecting the supply of oil from the middle east. Here's the lede from the NYT with the summary statistics.

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