Gem of the day

Daniel Yergin, thought leader of the decade on all things energy-related, writes this assessment of America's oil and gas boom (which he ironically terms "America's New Energy Reality") that only an economist could think up (via NY Times):

"...what is striking is this great revival in oil and gas production in the United States, with wide impacts on jobs, economic development and the competitiveness of American industry. This new reality requires a new way of thinking and talking about America’s improving energy position and how to facilitate this growth in an environmentally sound way — recognizing the considerable benefits this will bring in an era of economic uncertainty."

Right, because surely the real estate bubble driven by natural gas speculation and the huge volatility in oil, from environmental disasters to corrupt profits, will help in the long-term with economic uncertainty. Let's hope Yergin isn't in charge of figuring out the "new way of thinking and talking" about energy in the US or anywhere else.

Joe Romm nails the technical analysis of why Yergin is wrong here, with choice quotes like this one:

"...[Yergin] has nothing to say about how we could do this in an environmentally sound way, in part, I suspect, because he knows that we can’t."

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