Even Texan oilmen think energy supplies have to be diversified

The Texan oilmen dining at Midland’s Petroleum Club are not very happy with the energy policies coming out of Washington these days.

And they have little hope that either of the presidential candidates — Republican John McCain or Democrat Barack Obama — are going to make the tough calls needed to prevent a looming supply crisis.

“We don’t like anybody’s energy policy right now,” said Kirk Edwards, who deals in oil royalties and is the president of the Permian Basin Petroleum Association.

“Energy independence makes a nice soundbite for their people back home but it’s impossible to do,” he said.

The high price of fuel is going to impose some painful adjustments on the US economy, said Edwards, who also sits on the board of the Federal Reserve Bank of Dallas.

Wind and solar power can help meet some energy demands, as can natural gas or even hydrogen powered trucks and vehicles.

But any long-term solutions will require significant conservation efforts and major investments in new technology, he said in an interview.

Energy Daily