During the second presidential debate, President Obama repeatedly brought up the idea that you need to be looking ten years into the future for a strong energy policy. Contrarily, Romney believes that Obama has been putting the kibosh on domestic oil development, preventing America from becoming energy independent, a pipe dream according to the Scientific American blog. So when you’re at the polls, you’ve got to ask yourself: are you a 10-year man, or a 1-year man? Here’s the breakdown.
THE 10-YEAR MAN
The 10-year man’s fundamental beliefs lie in the fact that renewable and environmentally friendly energy resources are the way of the future. Despite the fact that world oil reserves are continually growing, the 10-year man knows that oil is a finite resource. Plus, the adoption of free technologies worldwide paves the way for environmentally friendly living while also enjoying the amenities of a technologically and industrially rich planet. To the 10 year man, this is just good economics.
However, the 10-year man is bereft in the short term. Because he does not want to open up more, if not all, domestic oil reserves, the 10-year man cannot have a noteworthy impact on domestic oil prices. He is afraid of investing in more infrastructures that relies on an oil-rich planet, because one day the oil will run out, and then we’ll really be in trouble. So for the short-term, the 10-year man must deal with energy prices dictated by a global bull market, paying more for oil than he necessarily has to. He must also deal with the cumbersome transition from crude oil dependence towards renewable energies as technology catches up to an inconvenient oil market.
THE 1-YEAR MAN
The 1-year man believes that American oil prices can be brought down. (Some folks have stated that $2/gallon oil is a real possibility.) Our oil prices are at the mercy of a global market of supply and demand. Right now, demand is high and supply is throttled, so the 1 year man wants to do as much as he can in the short term to alleviate oil shortages and put America in control of it’s own domestic energy. This means that we drill and open up lands that are currently guarded under EPA regulations and build pipelines. The 1-year man knows that this will reduce oil prices and create jobs and we expand our oil production infrastructure. The 1-year man knows that this is great politics as well. People want oil prices down now.
But the 1-year man lacks foresight. It’s no secret that there’s a limited amount of oil on the planet. The 1 year man may very well be able to bring down oil prices and eliminate dependency on other countries, but what will the 1 year man do when he runs out of crude. As of 2011, there was just over 30 billion gallons of oil in domestic reserves. That year, America consumed 6.87 billion barrels of petroleum products and biofuels, according to the U.S. Energy Information Administration. Without newer, more efficient, cheaper technologies, domestic oil will last us about 5 years. The 1-year man believes that energy independence is a possibility. He also believes that domestic production can put America on the oil-producing map.
So, are you a 1-year man or a 10-year man?
This post was provided by Chris Galis, web marketer for Drill Map, an oil mapping software company.