Finally, Wisdom in Washington On Our Oil Future

Wald’s organization, SAFE, would have our policy makers clearly understand that in this century the global oil market is far removed from what we hold to be a free and unfettered market. That we must recognize that between 75% and by some estimates 90% of all oil and gas reserves are held by national oil companies, partially or fully controlled by their governments. That in essence oil markets have become largely politicized and that market forces alone will not solve the problems of oil supply and security. Therefore a new definition of energy security is needed, one that relies not on tough military and foreign policy, but on a strategy that emphasizes reduced consumption of oil. It further needs to take into account how global warming might impact U.S. energy and environmental security in the future.

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