USA Overboard: Port Side

In the Virginian Pilot editorial “Going Overboard in Quest for Oil” (Pilot, May 10, 2011), the Pilot implies that Rep. Rigell and Rep. Wittman abandoned reason and, like lemmings, voted en masse with the their “partisan bosses … to force Virginia to exchange its interests for what amounts to promises that have proven empty time and time again.” In its tirade, the Pilot cites some facts. But facts are not necessarily the same as truth, although that is a hard concept for progressives – even when they actually use facts – to accept.

Assume the Pilot was right on two points: “… the United States does not have enough oil to affect global markets” and “ … despite the fact that if there is oil off Sandbridge, it will be years before it hits the pump.” Add to these “facts” that: (1) America has more energy reserves from ALL sources than any other country in the world and (2) technologically and economically it is feasible to extract oil based products from shale, coal, and sources of oil supply which 40 years ago were non-economic. The problem statement changes: it is not that we do not have sufficient fungible sources of energy to “bend” the cost curve; it is that we conflate “engineering economics” with “political science.” Put bluntly, if all options were on the table and the free market were allowed to work, oil off the coast of Virginia will not be extracted if is not technologically and economically viable to do so. However, by irrationally raising public fear, the progressive left hopes to raise regulatory transaction cost and eliminate energy options they don’t like. That is the same path we ventured down 40 “years ago” with nuclear energy, which is now considered “green.” Today, if we had safe, abundant nuclear energy like France, which is 80% nuclear, we would be converting coal to oil and driving electric vehicles.

In fact, I believe Rep. Rigell and Rep. Wittman, among others, recognize that the solution to our energy problems is to start now if we want to be energy independent in 40 years, embrace all technologically viable energy sources, and let them compete on their intrinsic economics not on fear, hybperbole, villiany, and politics.