Offshore drilling and market psychology
June 29th, 2008
A few clarifications about this podcast:
>When I say “Alaska” I specifically mean “Anwar.” I know that there is already drilling in other areas of Alaska.
>The current perception of supply instability in the oil market is largely due to the fact that most oil comes from unstable countries like Nigeria, Saudi Arabia, and Iran. (For example, every other week the Nigerian oil lines are disrupted by armed attacks.) The psychology of the market could be improved if more oil were tapped in the United States—even if the availability of this oil was a number of years in the future.
>We must remember that any conversion to solar/wind/etc.-based power is also a number of years in the future. For the time being, we are stuck with an oil-based energy paradigm.
>Our energy policies need to balance the urgency for stabilizing the market in the short-term with the longer term need to break our “addiction” to fossil fuels.
>For more commentary on this and other issues visit www.edwardtrimnell.com
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