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Oil Cronyism, Nepotism, Globalism...Conflicting Interests?
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WhiskeyGirl
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Oil Cronyism, Nepotism, Globalism...Conflicting Interests?
«
on:
July 29, 2013, 07:38:06 PM »
Quote
While I hadn't originally intended for the discussion from "A Science Lesson For Charlie Munger" to be spread across two articles, several commenters raised a number of excellent points that I would like to expand upon due to their macroeconomic and investment implications. As a brief refresher,
last week the Berkshire Hathaway (BRK.A), (BRK.B) Vice-Chairman expressed his opposition to energy independence and stated that policymakers were "stupid on this single issue" for promoting it.
Mr. Munger further stated that "running out of hydrocarbons is like running out of civilization" and, for this reason, the U.S. should keep its domestic petroleum reserves underground for the inevitable global shortage, consuming foreign petroleum in its stead. Finally, he called for government intervention to correct what he sees as a failure by the free market to account for "basic science."
He explicitly called for supporting new forms of energy that can reduce our petroleum consumption starting with "big national grids," which I assume was an oblique reference to Berkshire Hathaway's investment in battery-electric vehicle maker BYD (BYDDF.PK).
(He certainly didn't mean corn ethanol, which landed in his "dumb idea" category several years ago.) The logical conclusion of his statement that the pending hydrocarbon shortage is so important that we should "ignore these signals from the market" is that some sort of government intervention is required to both restrict domestic production and encourage imports.
Emphasis added
read more here -
http://seekingalpha.com/article/1581882-encouraging-petroleum-imports-is-a-dumb-idea
What happened to the concept of 'breaking our addiction to foreign oil'?
Why shouldn't Americans benefit from affordable oil prices? $1 a gallon gas?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: Oil Cronyism, Nepotism, Globalism...Conflicting Interests?
«
Reply #1 on:
July 29, 2013, 07:41:21 PM »
Quote
Munger believes oil and gas supplies will become "incredibly short and very high priced." As a result, he believes:
-Foreign oil is your friend.
-You want to produce domestic energy assets as slowly as possible.
-The oil you leave in the ground is a national treasure.
-Every barrel that you use up that comes from somebody else is a barrel of your precious oil, which you're going to need to feed your people and maintain your civilization.
-There is no substitute for hydrocarbons: drugs, fertilizers, fungicides, etc. -- all of which China needs to feed its population -- they all come from hydrocarbons.
-The U.S. has a problem, but China has a bigger problem.
Quote
Most of my readers know that I believe foreign oil imports are at the root of America's financial weakness. Foreign oil imports are the biggest component of the U.S. trade deficit and they have been for decades.
What if we had a trade surplus year after year? Jobs for American citizens? A chicken in every pot?
read more here -
http://seekingalpha.com/article/1574232-charlie-munger-energy-independence-is-dumb
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: Oil Cronyism, Nepotism, Globalism...Conflicting Interests?
«
Reply #2 on:
July 29, 2013, 08:21:27 PM »
No increase in the national debt for months...
What are they hiding?
Why would anyone NOT want America to prosper? Pay off the national debt?
Perhaps when the nation goes into bankruptcy, all the hedge funds and lenders have their eyes on the nation's natural resources?
If we start using the resources and making money, how will they get control?
What's wrong with this picture?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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