Jonathan Gillman Bradley, I think you misunderstand the point I was making. I am saying there is little that Obama can do now to lower gasoline prices in the short-term before the election. I agree that his current energy prices will cause prices increases over the medium and long-term because, as I said, anything to do with energy infrastructure (increasing drilling etc.) will have a lag time of at least several years.
Jonathan Gillman Yes, but I think there could perhaps be more regulation in this area but these traders are only making the problem worse and are not the underlying cause, which is world capacity issues.
Jonathan Gillman Good point about him actually wanting higher gas/oil prices to further green energy, his energy Secretary actually is taking much criticism for admitting as much in Congressional hearings a few years ago saying that ideally the US should have prices on par with Europe. Also I can agree about Obama's carbon footprint. As someone who lives in DC, I see his motorcade often and I would contend that perhaps he has the greatest carbon footprint of any individual on the planet (if you include his plane, helicopters etc.). So much for leading by example...perhaps if he really led by example I would see him on the bus!
Jonathan Gillman Regina, that's a great quote, and I truly hope you are right, I hope all of the greens are right but that is not what governmental policy is about, it is about hoping for the best but preparing for the worst. It would be irresponsible to say the least for the government not to be prepared for the most likely scenario (according to all domestic and international energy bodies (e.g. IEA, EIA etc.), which is a heavy reliance on fossil fuels for the coming decades. This is not to say green energy won't contribute or that one day in the future all energy will be renewable but energy security must factor into the debate.
Jonathan Gillman Thanks. Yes, I believe this is a very important topic that often gets overlooked as even though energy (its extraction, distribution and usage) is one of the, if not the, biggest economic activities on earth, since it is so diffuse in nature, it goes largely unnoticed.
Jonathan Gillman Yes Georgi, I agree that there are situations (like your Israel/Lebanon example) where shale could help them achieve energy security but I don't think this would run counter to American interests. If the Israelis and Lebanese began to cooperate on gas exploration, that could lead to political cooperation...a good trend not only bilaterally but regionally. Also, just a point on 'energy independence.' This is a political term that should be avoided in any serious discussion. Nations, including our own, need energy security, which means they have a safe and reliable source(s) to meet demand, regardless of nation of origin. You wouldn't say you want the US to be 'economically' or 'financially' independent, right?