Professor: Cutting U.S. Off From All Outside Energy Is Dumb Idea
By John Ostapkovich
PHILADELHPIA (CBS) – Politicians love to talk about energy independence and blame the other guy for standing in its way, but even the argument may miss the point.
Butler University economics professor Peter Grossman says he doesn’t know what the term “energy independence” means, but if it really means cutting the U.S. off from all outside energy sources it’s the flip-side of self-sufficiency and it’s a dumb idea.
“We are much, more safe by having lots of sources of oil and other kinds of energy,” says Grossman.
His perspective is summed up in the title of U.S. Energy Policy and the Pursuit of Failure. He says, with only U.S.-drilled gasoline, it would cost maybe $12 to $15 a gallon.
“There would be a switchover to natural gas which seems really cheap right now and also very plentiful, but if we really switched over tremendously, the demand would increase and so would the price,” says Grossman.
He says the Arab oil embargo actually hurt OPEC more than it did us.