Opinion Columnist
“While it’s important that the U.S. maintain its longstanding alliance with Saudi Arabia, I wish President Biden had used Zoom for his recent meeting with the Saudi leadership. It was a bad look and bad energy policy for the U.S. president to fly all the way to Saudi Arabia to plead for more oil output when all he had to do was fly to Houston.
When it comes to energy policy today, Biden is not realistically diagnosing our problems or offering a comprehensive solution. (He has also gotten zero help from the G.O.P.) Suspending the federal gasoline tax or draining our strategic petroleum reserves is not a strategy. They are signals that you have none. America is the world’s largest oil producer — not Russia or Saudi Arabia — and we need to get our act together fast by harmonizing three priorities.
In the short term, we need more oil and gas produced in the cleanest ways, with the least methane leakage, to bring down prices at the pump and help dampen inflation. Also in the short term, we need to produce more oil and gas to export to our NATO allies in Europe that have vowed to get off Russian oil — because if the Europeans do so without an abundant alternative, the global price of oil could go to $200 a barrel next winter and force their citizens to choose between heating and eating.”
Most important, for the short term and the long term, we need to produce as much renewable energy and efficiency as possible to help mitigate climate change, which is helping to ignite dangerously high temperatures around the world this month, among many other weird and scary weather phenomena.
In other words, we need a strategy for a GREEN TRANSITION.”
David Lindsay: I must admit, I really liked this article. Sometimes, Friedman has the voice of Saruman. Most of the top comments villify Friedman, for allowing that there are any oil and gas execs who aren’t soulless. But I like the idea of asking them for help.
Here is a comment I fully approve:
What most people do not realize is the massive contribution fossil fuels make to, not just our economy, but our civilization. It’s in everything. It’s energy moves everything. We have invested about 250 years to build out fossil infrastructure and it’s going to take the rest of the century to get rid of it. Now I’m no apologist for the oil companies, but they do realize how difficult this transition is going to be. This is an all hands on deck situation where all individuals as well as government must participate. In fact, the demand for electricity is going to increase as we switch transportation over to EV’s and heat our homes with heat pumps, and by a lot. Notice the oil executive made no mention of atomic power. It’s as if he is oblivious to it. The only way we can generate the massive amounts of electricity we will need is to utilize atomic power along with renewables. Realistically, we have no choice. Fortunately, there are advanced reactor designs that are now in the pilot plant stage such as TerraPower. Why isn’t big oil investing in these projects? If oil is on the way out, then why not invest in something that can still make money? It appears they don’t see it that way and want to hold onto those wells. The GOP isn’t on board either with atomic power. Again, they are beholden to big oil. This logjam must be broken.