New revolution is good for world, but not oil magnates
In response to Harvey Yates Jr.’s My View (“I’m an Oil Magnate: Let’s make a deal,” July 3), I am disappointed he didn’t enlighten us on the future of the internal combustion engine.
With his 66 years of up-closeand-personal experience in the petroleum business, Yates failed to acknowledge the next imminent industrial revolution. One that will substantially reduce the need for both domestic and foreign oil. Like it or not, America’s future lies in alternative energy solutions.
Never mind his absurd hypothetical about vanquishing all existing products and services that rely on polymers and plastics. Mr. Oil Magnate disregarded the fact his wealth relies largely on a technology that is nearly 150 years old. The internal combustion engine’s continued use in transportation is impractical and unrealistic, and he knows it.
Politically, there’s been a lot of recent discussion about the Green River Formation and offshore drilling in Alaska. Industry experts tell us neither project will be economically viable in the long term. Even with fracking, we would never be independent of Arabian oil imports. Anticipating the global reliance on petroleum, President Richard Nixon tried to force a comprehensive energy policy through Congress. It failed because of pushback from the oil industry. Oil reserves in the United States have since declined 48 percent.
The U.S. spends more than $1 billion a day importing oil from the Middle East. India and China are now major competitors in purchases from the oil market. Importing our primary energy resource not only strains our economy, it also has a deleterious effect on our foreign policy. Think for a moment how some NATO nations needing Russian oil have trodden lightly around the Russian invasion of Ukraine.
The auto industry makes clear its intention to “go green” by exclusively manufacturing electric vehicles by 2040. The proliferation of EVs will result in a 70 percent reduction of oil consumed within the U.S. transportation sector. In light of this forecast, petroleum companies are investing heavily in alternative energy. The production of electric-powered vehicles will be a major step toward mitigating the hundreds of billions of dollars spent annually to buy petrol from nations such as Saudi Arabia.
The revolution that will provide alternative sources of energy is already underway, and it brings collateral worldwide benefits. For one thing, it will reduce pollution and help reverse global warming. Economically, America’s international relations will improve because we will be less impacted by Russia and other major oil exporters in unstable regions.
With industry as the driver, renewable fossil-free energy sources could be cheaply delivered to poorer nations and remote populations. By 2050, affordable and reliable energy could become a reality across the planet. Here in the U.S., foreign oil independence will translate to almost $400 billion yearly that can be invested in infrastructure, education, sustainable housing and myriad other priorities.
These auto and petroleum giants have taken a practical look at the future. It is not hyperbolic to say the U.S. production of EVs signals the demise of combustion engines for personal and commercial vehicles. Technological advancement and consumer preferences are the leading factors in this new industrial revolution, which will be cleaner, quieter and more prosperous for the world at large — versus a few rich oil magnates.