The main cause of high oil prices is political. Environment nimby’s have stopped construction of power plants with lawsuits, and punitive taxation stopped investment domestically.
No government has successfully managed an economy like a business. We have been successful letting the market determine winners. The government can sponsor research, but business has to invest. Its simple – higher taxes equal no profits and no oil.
What should we do is promote every energy source. Drill offshore, coal, natural gas, solar, hydrogen, conservation, and nuclear. Government should not pick the winners, but goal has to be energy independence.
When will oil prices fall? When the US has the will to build nuclear power plants.
July 4, 2008
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