Interesting article in yesterday’s Wall Street Journal by Adam Cohen entitled, “EU Regulators Move to Enforce Laws to Rein In Energy Prices“. It says:
“Amid worries of rising energy prices and uncertain supplies from the Middle East and Russia, some countries are trying to devise new energy strategies…Following the energy summit, [German Chancellor] Merkel said Germany”s energy industry announced it is committed to investing about … $36.5 billion by 2012 in new power plants and electricity networks.”
Do you think they’d sit on 420 trillion cubic feet of natural gas (like we have in the Outer Continental Shelf) and not tap it? Do you think they’d sit on the oil reserves we have in ANWR and not tap them? Would they sit on our coal reserves — they exceed the world’s oil reserves in BTU’s — and not tap them? We doubt it. And, France (although they’re busy protesting rational changes in employment law to make them more competitive) gets 80% of its power from nuclear plants. It’s not very easy to build those over here any more.
And so Europe tries to rein in prices. Us? We just seem hell-bent on reining in supplies.
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