COMMENTARY | Investor’s Business Daily lays out a strategy that will humble Russia for Vladimir Putin’s rape of the Ukraine. The good news is that it will also afford the United States and Europe some measure of energy independence.
The bad news is that certain governments are going to have to put aside their green energy ideology.
The first thing that Europe and the United States needs to do is to greatly expand natural gas fracking, opening up even more abundant energy.
Next, the United States needs to allow for the exports of liquefied natural gas and petroleum. This would provide Europe and the Ukraine an alternative source of energy to replace Russia oil and natural gas and help to collapse their world-wide price.
Then the Keystone XL pipeline needs approving. This is a no brainer, considering that it will create jobs, increase the supply of oil, and foster economic growth.
Next, Germany needs to reverse its policy of ending nuclear power in that country, thus alleviating somewhat its dependence on Russia supplies of energy.
Finally natural gas fields in the Eastern Mediterranean needs to be developed. This means settling the Cyprus question once and for all and building a pipeline to Turkey. This also means working out deals with Israel to buy natural gas, which that country is also developing.
The Achilles heel of Russia is its overreliance on oil and gas exports to prop up its economy. Measure that could be taken to sharply lower the price of oil and gas would quickly cripple Russia’s economy and inhibit its ability to make mischief around the world.
The problem is that both President Obama and many European governments are wedded to the idea of getting off of oil and gas and embracing renewable energy by government fiat. Renweables such as solar and wind are simply not competitive as yet with more traditional forms of energy production. But try telling that to Obama and his European counterparts.