An interesting conference presentation
Michael Milken has
reinvented himself and come out smelling like roses.
He was one of the inventors of the Junk Bond, he was busted for multiple counts of of racketeering and securities fraud, spent a couple years in prison.
Now, he presides over the Milken Foundation and organizes presentations like this one:
Ted Turner and T. Boone Pickens on America's Energy Future
Ted Turner didn't mince words: "We've gotta get off the Titanic before it sails." He and T. Boone Pickens argued passionately that America has to start weaning itself off foreign oil imports � and do it now.
Their session began with a recap of how president after president has pledged to achieve energy independence, while the percentage of U.S. oil imported from foreign sources in volatile regions has continued to climb. Today the nation imports some two-thirds of its oil.
"We're paying for both sides of the war," said Pickens, insisting that oil money sent to the Middle East is paying for terrorists and the Taliban. He expressed optimism that President Obama has pledged to end oil imports from the Middle East within 10 years, but was quick to add: "We have to remind him." Pickens pointed out that the U.S. represents about 4 percent of world's population but consumes 25 percent of the world's oil, an equation that's just not sustainable. He called for transitioning the nation's fleet of 18-wheelers to natural gas immediately.
Regarding this line:
He expressed optimism that President Obama has pledged to end oil imports from the Middle East within 10 years
The
Christian Science Monitor has Michael's opening comments on this subject:
* In 1974 with 36.1% of oil from foreign sources, President Richard Nixon said, �At the end of this decade, in the year 1980, the United States will not be dependent on any other country for the energy we need.�
* In 1975 with 36.1% of oil from foreign sources, President Gerald Ford said, �We must reduce oil imports by one million barrels per day by the end of this year and by two million barrels per day by the end of 1977.�
* In 1979 with 40.5% of oil from foreign sources, President Jimmy Carter said, �Beginning this moment, this nation will never use more foreign oil than we did in 1977 � never.�
* In 1981 with 43.6% of oil from foreign sources, President Ronald Reagan said, �While conservation is worthy in itself, the best answer is to try to make us independent of outside sources to the greatest extent possible for our energy.�
* In 1992 with 47.2% of oil from foreign sources, President George Bush said, �When our administration developed our national energy strategy, three principles guided our policy: reducing our dependence on foreign oil��
* In 1995 with 49.8% of oil from foreign sources, President Bill Clinton said, �The nation�s growing reliance on imports of oil�threatens the nation�s security�[we] will continue efforts to�enhance domestic energy production.�
* In 2006 with 65.5% of oil from foreign sources, President George W. Bush said, �Breakthroughs�will help us reach another great goal: to replace more than 75 percent of our oil imports from the Middle East by 2025.�
Time will tell if Obama's promises are just lip service or whether he will actually do something. Getting commercial trucking switched over to Natural Gas (Methane) would be an incredible start as we have a lot of it and it is cheap and a good clean burning fuel. Nuclear Power is something that needs to be jumpstarted as well.
I would also toss a couple hundred million over to
these folks -- I think they are seriously on to something big...
Posted by DaveH at May 11, 2010 7:55 PM