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Omicron Doom And Gloom May Not Be Justified

Omicron Doom And Gloom May Not Be Justified

The wider commodities complex nosedived…

Llewellyn King

Llewellyn King

Llewellyn King is the executive producer and host of "White House Chronicle" on PBS. His e-mail address is lking@kingpublishing.com

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Cautious Obama is Hurting Future Oil and Electricity Supply

From somewhere--inside the White House or the Department of Energy--President Obama is getting some pretty awful advice. It's bad enough that he's been persuaded that there's a Nirvana Land of windmills and sunbeams in the future of electricity. But much more gravely in halting drilling in the Gulf of Mexico, he's committing a fearsome folly.

Worst case is not only do we lose production in the Gulf, but any global upset--such as military action in Iran--will stress this oil production-demand balance further. Result: price rises. Political solution: none.

There's a well-known pattern: Disasters produce an aftermath of safety. The nuclear industry thought it was safe before the Three Mile Island meltdown, but it went back to the drawing board and produced new institutions for safety monitoring and study, as well as revised the very idea of defense in-depth.

The Obama caution is the danger, not the possibility of another spill.

In real-world terms, alternative energy can be narrowed to some solar and wind. In fact, the only mature technology is wind. It works fine when the wind is blowing. The heat wave in the Eastern states in the past week makes the point: The wind doesn't blow when it's most needed.

There's nothing wrong with wind, except that its most passionate advocates often favor it not for its own sake but for what it is not: nuclear power. Paranoia over nuclear power--always the first choice of the world's utilities, if all things are equal--is a part of the cultural-political landscape in America.

Faced with this, the Obama administration has saddled up two horses and invited the nuclear industry to ride both as they diverge. It has thrown away the $11 billion spent on the first national nuclear-waste repository at Yucca Mountain in Nevada, even as it has offered loan guarantees for new reactors.

Coming down the pike is a surge, a really huge surge, in electricity demand as plugin hybrid cars and pure electric cars are deployed.

The plan--if you can call it that--is that the load of new uses will be spread by “smart meters” on the “smart grid,” and this will direct or coerce consumers to charge their cars in the middle of the night.

Want to be politically unpopular? Start telling people when they can refuel their cars. That's known around the Tea Party circuit and elsewhere as government intervention.
Do you take yours with sugar?

By. Llewellyn King

Llewellyn King is executive producer and host of “White House Chronicle” on PBS. His e-mail is lking@kingpublishing.com


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  • Anonymous on July 17 2010 said:
    The situation with President Obama is unfortunately simple. The people giving him advice on energy matters simply don't know enough. If he had been president 20 or 30 years ago and asked a Nobel Prize winner, Milton Friedman, about the oil market, he would have been told that OPEC would collapse and the price of oil would fall to $5/b. I've heard worse than that about electricity, natural gas and coal over the past year, and who knows what we will hear next. If you find yourself breaking bread with the President soon, tell him to get some knowledgeable people to teach energy economics to the people who give him advice on that topic.

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