Where have our benighted energy policies of the last eight years left us? On our knees--begging OPEC to please, pretty please, open the spigots and pump more oil so we can ease the pressure on our sputtering economy.
FedEx delivered a Friday afternoon bomb, announcing its second business shortfall of the quarter, a direct result of 1) soaring oil prices, and 2) a weak economy. Meanwhile, the NYT reports that, finally, now that oil has closed at a new record of $126, up 31% this year alone, OPEC is finally considering boosting production. But only if they can figure out a way to do so without killing the goose that is laying their golden eggs--$100+ oil prices.
Eventually, OPEC will open the taps and oil prices will recede--a bit, for a while. But our dependence on a small group of countries whose interests are often diametrically opposed to ours will continue, and as long as it does, they'll hold the fate of our economy in their hands.
Time to drill in the Alaskan National Wildlife Refuge? No. Time to cut us gas-subsidy checks? No. Time to work on a tax and consumption policy that encourages less oil usage and more investment in alternative, renewable energy.
Our private sector can solve this problem, as long as our government gives it the incentive to do so.
Alternatively, we can just beg.