Jun 8, 2006 (From the CalCars-News archive)
The US Federal Reserve Board Chairman likes PHEVs "despite their inconvenience." Here's the Washington Monthly's report and blog, followed by the text This morning Alan Greenspan testified before the Senate Foreign Relations committee on the end of cheap oil ("The energy abundance on which this nation was built is over"), our economic vulnerability, and the need to "wean ourselves off gasoline." On this last matter, where to focus attention and funding ... corn ethanol? Pah! We couldn't harvest and process enough corn domestically to make a significant dent in fuel demand. More drilling sites? "It makes no sense to go out and try to find new sources," Greenspan said, as the percentage of worldwide reserves open to international oil companies is fast shrinking. Hydrogen cars? Didn't even come up. If you're a betting (or investing) man, concentrate on energy-efficiency and honing technology for cellulostic ethanol and plug-in hybrids. Says Al. http://www.washingtonmonthly.com/archives/individual/2006_06/008970.phphttp://www.washingtonmonthly.com/archives/individual/2006_06/008970.php
US Senate Foreign Relations Committtee Hearing on Oil Dependence and
Wednesday, June 7, 2006
Includes an opening statement by Senator Lugar (who saw our cars in DC), then:
Concluding paragraphs from statement of Alan Greenspan President Greenspan Associates LLC
The U.S. economy has been able to absorb the huge impact of rising oil prices with little consequence to date because it has become far more flexible over the past three decades owing to deregulation and globalization. Growing protectionism would undermine that flexibility and make our nation increasingly vulnerable to the vagaries of the oil market.
Current oil prices over time should lower to some extent our worrisome dependence on petroleum. Still higher oil prices will inevitably move vehicle transportation to hybrids, and despite the inconvenience, plug-in hybrids. Corn ethanol, though valuable, can play only a limited role, because its ability to displace gasoline is modest at best. But cellulosic ethanol, should it fulfill its promise, would help to wean us of our petroleum dependence, as could clean coal and nuclear power. With those developments, oil in the years ahead will remain an important element of our energy future, but it need no longer be the dominant player.