Tuesday, June 10, 2008
Further Thoughts on Congress and Energy
Countries may or may not choose to develop energy resources for sale to the market for a variety of reasons--and this is not only true of the United States. When the United States chooses not to bring some of its own domestic energy resources online, that is a conscious choice--and other producers are not obligated to relieve us of the burden or responsibility for that choice.
Speculators can often drive up the price of a commodity. But speculators don't operate in a vacuum. If Congress wants to leave "all options on the table" vis-a-vis Iran, then that creates an opening for speculators to take advantage of perceived uncertainties.
I wrote on this question last month but nothing in today's "debate" indicates that any of these points was under serious discussion.
And I'm not holding my breath either.
This is a great opportunity for US & EU; I should think.