Everyone knows that domestic oil production has been surging, and that this has created tens of thousands of jobs and improved our balance of trade. Doesn't the Great American Oil Boom also mean that families won't have to spend as much on the Great American Road Trip?
The idea of oil "independence" understandably appeals to Americans. But at some point America's leaders must recognize the physical evidence indicates the alleged "energy revolution" is likely to be merely a relatively short-term bump.
Last month, the US Energy Information Administration reported that for the first three months of 2012, CO2 emissions from energy sources fell to about 1992 levels. Another boost for natural gas? Certainly EIA's press release spins it that way.
It's as if this year the International Energy Agency wanted to grab us by the shoulders and give us a good shake. And coming from an institution that was long considered a cheerleader for the fossil and nuclear industries, we would do well to pay attention.
The energy industry is out for blood once again. Over a decade ago, it went after POGO for revealing that the largest oil companies were underpaying royalties to the government. And now it appears they've found a new target.