Ԫ
Jul 31, 202029.2K Shares3.2M Views
Today marks day five of the GOP’s empty-chamber self-debateover high fuel prices. For anyone who’s been vacationing on Jupiter, the Republicans are calling on House Speaker Nancy Pelosi (D-Calif.) to bring Congress back to Washington to vote on an expansion of offshore drilling. Nevermind that expertsand independent analysesindicate that increased drilling would have no immediate effect on prices at the pump, the public is growing weary of $4-a-gallon gas, and the GOP’s drilling push is gaining momentum.
Although the debate to this point has revolved around fuel costs and environmental impact, there’s another facet of this argument that, unfortunately, has gone largely ignored: That’s the long-term damage that an oil-based energy model promises to wreak on the U.S. economy. As New York Times columnist Thomas Friedman pointed outlast week:
“„Anyone who looks at the growth of middle classes around the world and their rising demands for natural resources, plus the dangers of climate change driven by our addiction to fossil fuels, can see that clean renewable energy — wind, solar, nuclear and stuff we haven’t yet invented — is going to be the next great global industry. It has to be if we are going to grow in a stable way.
“„Therefore, the country that most owns the clean power industry is going to most own the next great technology breakthrough — the E.T. revolution, the energy technology revolution — and create millions of jobs and thousands of new businesses, just like the I.T. revolution did.
“„Republicans, by mindlessly repeating their offshore-drilling mantra, focusing on a 19th-century fuel, remind me of someone back in 1980 arguing that we should be putting all our money into making more and cheaper IBM Selectric typewriters — and forget about these things called the "PC" and "the Internet." It is a strategy for making America a second-rate power and economy.
Don’t look for the inanity to end anytime soon. House Minority Leader John Boehner (R-Ohio) vowed yesterdaythat the GOP revolt will continue right up to the Democratic convention.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles