Mon 4 Feb 2013
Given the backward nature of American culture you did the best you could do. Tough job that nobody really wants.
Energy Secretary Chu Resigns Leaving Oil Markets in Turmoil
Author, ‘Oil and Finance: The Epic Corruption Continues’
In his letter of resignation from the post of Energy Secretary, Chu characterized his Department as a “Department of Science, a Department of Innovation, and a Department of Nuclear Security.” He then goes on to point out the myriad achievements and initiatives during his tenure ranging from BioEnergy Research Centers, Wind and Solar Energy initiatives, nuclear safety, appliance efficiency standards and on. Not an unimpressive list of scientific and clean energy programs. Embedded deeply in his letter is his conviction that rising temperatures present a present and growing danger to the planet and need be addressed. His tenure at Energy addressed this issue relentlessly, and even with the $500 million Solyndra debacle, built a foundation for research, creativity, and with funding guarantees to a plethora of clean energy projects supporting manufacturing plants throughout the country.
Were this his exclusive mandate his four year tenure might well be termed a success. But the Department also has other fish to fry. They relate no only to the environment, but profoundly to the economy and to our national security. Energy, be it oil, natural gas, coal are core commodities to the functioning of our economic viability, and here the Department of Energy under Chu’s tutelage has approached disaster.
As example, within a month of Chu’s ascendency the price of crude oil hovered around $35/barrel (and gasoline prices well under $2.00/gallon). Today’s price is over $95/bbl even though our oil consumption is down some 2.4% from what it was four years ago and production from the Bakken and EagleFord Formations in North Dakota and Texas has increased our domestic production dramatically keeping our domestic oil market amply supplied (oil inventories are at or near all time highs). In a situation such as this it is the Department of Energy’s obligation to ask some hard questions just as Energy Secretary Bill Richardson did during his tenure during the Clinton Administration when he personally lobbied OPEC members only to be chastised, to his great credit, by the OPEC spokesman, “In the forty year history of OPEC there has never been the case of the Secretary of Energy calling OPEC in the middle of an OPEC meeting… We are upset and disappointed at external pressure. We don’t like it.
Go there and read. More later.