Oil shocks and the potential for crisis U.S. House 2007
Preface. U.S. Congressional hearings have boasted of America’s energy independence for several years. For those of you with a longer view, and doubts about the shale “fracked” oil revolution, here’s a house hearing about oil dependence. Much of the testimony revolves around an exercise called “Oil ShockWave”, which Admiral Blair describes as “an executive crisis simulation to illustrate the strategic dangers of oil dependence. Oil Shockwave confronts a mock U.S. cabinet with highly plausible geopolitical crises that trigger sharp increases in oil prices. Participants must grapple with the economic and strategic consequences of this ‘oil shock’ and formulate a response plan for the nation.” Some of the participants were Robert Rubin, former secretary of the Treasury, Carol Browner (former head of the EPA), Richard Armitage former deputy secretary of state, Retired General Abizaid, John Lehman, former secretary of the Navy, Gene Sperling former national economic adivisor, Phhilip D. Zelikow executive director of the 9/11 commission, and Daniel Yergin.
The best “solution” offered is by Edward Markey of Massachusetts: …a nationwide oil savings plan saving of 10 million barrels of oil per day by 2031. Heinberg proposed this in his 2006 book “The Oil Depletion Protocol: A Plan to Avert Oil Wars, Terrorism and Economic Collapse“. Ah well, with peak oil likely in 2018 (Peak Oil is Here!), we’ll be forced to reduce consumption without having made plans. Though I fear the plan is War: the 1980 Carter Doctrine states that the United States will use military force, if necessary, to defend its national interests in the Persian Gulf.
Some of the interesting bits include:
ADMIRAL DENNIS BLAIR, USN (RET.), Former Commander in Chief, U.S. PACIFIC COMMAND
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