American consumers and businesses have been reducing their consumption of oil for the last two years. Further reduction in consumption will come as the WORLD price of oil increases.
That means that as Americans are doing their part, China and India and picking up the slack and driving the world price of oil higher.
Thomas Friedman should implore China and India to reduce their consumption of oil. If they do the world price of oil will come down.
Also billions of private investment has been going into alternative energy. Why do we need the government to step in and change our behavior?
From NYT
'That’s what a real president would do. He’d give us a big strategic plan to end our addiction to oil and build a bipartisan coalition to deliver it. He certainly wouldn’t be using his last days in office to threaten Congressional Democrats that if they don’t approve offshore drilling by the Fourth of July recess, they will be blamed for $4-a-gallon gas. That is so lame. That is an energy policy so unworthy of our Independence Day.'
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