Posted by
Mourdac on Wednesday, June 04, 2008 7:58:33 PM
October 1973. OPEC imposes an embargo of oil exports to supporters of Israel.
35 years later. 2 nations reacted in opposite ways to the new reality. One did nothing except continue its profligate consumption, supported by exports from other nations. The other, within 5 years, developed a long-range plan to break its dependence on imported oil largely by switching as much as possible to ethanol produced internally.
The first nation is the U.S., which today continues its dependency on cheap foreign oil as it never developed a comprehensive energy policy. The second nation is Brazil, which imports no oil. Yes, Brazil subsidized ethanol production in the past.
Are the people of the U.S. going to burn those dollars they saved by not developing alternative fuels in their gas tanks? Oh wait, that money's being spent. In Saudi Arabia, Iran, etc., those nations with which we enjoy such amiable relations.