US Needs Energy Nationalism

From Bloomberg

By Carl Pope

A fundamental question faces the U.S.: Is our vision of the future “Made in America” or “Saudi America”? Does the U.S. want to reclaim its value-added manufacturing economy, or become an extractive petro-state? Will the U.S. produce cars and the fuels to power them, or keep importing both foreign cars and refined fuels even as we export cheap domestic oil and natural gas?

The U.S. oil industry views exports of natural gas and crude oil as a twin engine capable of powering windfall profits. Thanks to a confluence of abundant domestic fuel and the industry’s even more voluminous greed, it appears we’ll finally have the national dialogue we have long needed on energy’s role in our economic future.

Six months ago, when I warned in Bloomberg View that the oil industry intended to lock in ever higher North American oil prices by gutting the federal ban on oil exports, some observers thought this ‘‘unthinkable.”

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