Energy Issues

The Wall Street Journal has an article today on the issue of energy in the Presidential campaign. The subtitle of the article is, "Candidates' Solutions Are Few as Costs Soar".

While most of the candidates have developed "energy independence" strategies that take shape over the next two decades, few offer fixes for what could be a painful short-term crisis as gasoline and home heating oil rise above $3 a gallon.

Some Democrats are asking that Bush release oil from the strategic reserve to try to mitigate prices. The short-term answer is actually very simple: drill offshore and in ANWR. The Journal get Fred wrong, though.

Former Sen. Fred Thompson of Tennessee offers only a vague idea for a fix. "America must rise to the challenge and take the steps necessary to become more energy independent before this becomes a crisis," Mr. Thompson says on his Web site.

This is true, but Fred lays out four specifics:

• A balanced approach to energy security that increases domestic supplies, reduces demand for oil and gas, and promotes alternative fuels and other diverse energy sources
• Investing in renewable and alternative fuels to promote greater energy independence and a cleaner environment.
• An energy policy that invests in the advanced technologies of tomorrow and places more emphasis on conservation and energy efficiency.
• Conducting research and development into technologies that improve the environment, especially the reduction of CO2 emissions.

You may also remember the "gaff" in Florida where Fred said that he would not rule out drilling in the Everglades. The right answer is to pursue things that will adjust the demand side of the equation in the long-term and find things to fix the supply in the short-term. And that means drill wherever you can find the supply.