We need to reduce our dependence on foreign oil by ending the subsidies for oil companies, and doubling down on clean energy that generates jobs and strengthens our security.
Every day we hear about a new invention here and there and they are reducing considerably their consumption of oil. But the day they use hydrogen for transportation, this is the day that oil disappears.
In sectors like energy, I haven't been arguing for more spending per se; I've been arguing that it doesn't make sense for us to spend $4 billion subsidizing an oil industry that's mature and very profitable. We should be using that money to finance clean energy of the future.
The misconception that there is serious disagreement among scientists about global warming is actually an illusion that has been deliberately fostered by a relatively small but extremely well-funded cadre of special interests, including Exxon Mobil and a few other oil, coal, and utilities companies. These companies want to prevent any new policies that would interfere with their current business plans that rely on the massive unrestrained dumping of global warming pollution into the Earth's atmosphere every hour of every day.
There is enough oil out there for world demand. It is true that a lot of what's driving oil prices up right now is not the lack of supply. There's enough supply.
The petroDollar system breaking down, where oil is no longer paid for in Dollars internationally, essentially would be the death knell to the US Dollar as the reserve currency. It means the US can't borrow with 'exorbitant privilege' anymore, and it means the US Treasury market is set for an out-of-control interest rate spiral.
Electric power is everywhere present in unlimited quantities and can drive the world's machinery without the need of coal, oil, gas, or any other of the common fuels.