Gas Price Roundup

I think having record-high fuel prices at a traditional vacation week has really focused the media attention on national energy policy (or the lack thereof).   Many of the interesting articles I

have encountered in the past few days have been energy-themed.   Consider:

WSJ.com’s Deal Journal:

[JP Morgan CEO Jamie Dimon] On oil, which recently hit a record $143 a barrel: We almost deserve $4 gas. We knew in 1974 that we had a serious issue but we don’t have the political fortitude to do anything about it. That’s the issue, not Russia.

New York Times article, “Asleep at the Spigot”:

Over the last 25 years, opportunities to head off the current crisis were ignored, missed or deliberately blocked, according to analysts, politicians and veterans of the oil and automobile industries. What’s more, for all the surprise at just how high oil prices have climbed, and fears for the future, this is one crisis we were warned about. Ever since the oil shortages of the 1970s, one report after another has cautioned against America’s oil addiction. […]

“Much of what we’re seeing today could have been prevented or ameliorated had we chosen to act differently,” says Pete V. Domenici, the ranking Republican member of the Senate Energy and Natural Resources Committee and a 36-year veteran of the Senate. “It was a bipartisan failure to act.”

CNN:

Sen. John Warner, R-Virginia, asked Energy Secretary Samuel Bodman to look into what speed limit would provide optimum gasoline efficiency given current technology. He said he wants to know if the administration might support efforts in Congress to require a lower speed limit.

(Haven’t we tried the national speed limit before?  And, wasn’t it so poorly enforced and blind to local circumstances as to foster an entire culture of disregarding traffic laws?  You’d think that improving enforcement of existing traffic laws and improving education on optimal speed:efficiency ratios would be more effective.)

Wall Street Journal on GM’s plans to bring a mini-car intended for foreign markets to the U.S. (subscriber link):

General Motors Corp. said it is giving a higher priority to deciding whether it will bring the next-generation Chevrolet Beat mini car — a vehicle it sells overseas — to the U.S. market in the 2012 timeframe.[…]

GM is conducting major surgery on the product plans it had set for the next decade, scrambling to react to falling demand for vehicles that consume a relatively large amount of gasoline. The next generation of GM mini cars, on which the Beat is based, is slated to debut in several global markets in coming years and should be capable of at least 40 miles per gallon.

And meanwhile, regarding the ethanol kool-aid, from The Guardian:

Biofuels have forced global food prices up by 75% - far more than previously estimated - according to a confidential World Bank report obtained by the Guardian. […]

The figure emphatically contradicts the US government’s claims that plant-derived fuels contribute less than 3% to food-price rises. It will add to pressure on governments in Washington and across Europe, which have turned to plant-derived fuels to reduce emissions of greenhouse gases and reduce their dependence on imported oil.

OK, now that the media…and presumably the American public… is aware of some of the issues of our addiction to petroleum, one wonders if political leaders and the public have the stomach to make some of the more difficult changes that will be called for.

This should be interesting to witness.

And now, I’ll go back to my weekend project of improving my “summer office” (the basement) for telecommuting.