<![CDATA[WSJ.com – The Katrina Crisis: Noted oil analyst Daniel Yergin writes….
Man’s technical ingenuity has collided with nature’s rage in the Gulf of Mexico, and the outcome has been an integrated energy disaster. The full scope will not be understood until the waters recede, the damage to platforms and refineries is assessed, and the extent of damage to underwater pipelines from undersea mudslides is determined. Yet what has happened is on a scale not seen before, and the impact of the price spikes and dislocations will roll across the entire economy. Even as we confront the human tragedy, the consequences will also force us to think more expansively about energy security, and to focus harder on a matter which other events have already emphasized: The need for new infrastructure and investment in our energy sector.
After Katrina, which is just a sample of the impact of oil shortages on the U.S. economy, we need to invest in alternative sources of energy and simply and frankly admit the dangerous reliance on oil that the Bush Administration has only reinforced because of its deep ties to that industry.