The Politics of Energy and the Energy of Politics-III

(Now affectionately called “PEEP” by a few of our readers)

As you may know, this is the third offering under the “political” category and it is stressed because, frankly, the energy field is stressed. It is stressed in a way that is serious and, even worse, in a way that is mostly being kept out of the public’s eyes and ears.

There has been a lot of press about President Obama’s program to develop “Green Energy.” Most of it has been complimentary and encouraging. And, we are sorry to report, useless. You may see our arguments in “PEEP-II” (Feb 25)

Then an article appeared in the New York Times that announced that the American “Oil Giants” are “Loathe to Follow Obama’s Green Lead.” Actually, Mr. Times, that may be fit to print, but it ain’t news!

Neither is the half-hearted “Carbon Principles” announced by Citi Corp, JPMorgan Chase and Morgan Stanley in February. While the public relations experts of these major financial institutions probably felt that it would be “politically correct” to present these green energy principles at the time, it is more likely that management was much more concerned with the financial crisis which had also demanded more of the president’s attention and the people’s money.

There is an activist group called Rainforest Action Network (“RAN”). The director of RAN’s global finance campaign stated, “If this policy prevents the financing of new coal, it will be productive.” RAN says that it has “successfully challenged several of the world’s largest banks, including the 3 above, to adopt project lending policies that would … help safeguard the environment and human rights.”

However the same RAN group concedes that “Calling them the ‘Carbon Principles’ is an overstatement.”

We submit that while protest is one of the guaranteed rights under our constitution, it is a far cry from obtaining legislation that would actually enforce restrictions on the financing of the construction or continuation of processes which continue to foul the environment.

To do that one must get these financial institutions “where they live.” As they continue to need, require and in some cases actually demand, financial assistance from the government – of the people, by the people and for the people – such assistance should be made to include restrictions on the use of that money for any but the “greenest” energy processes.

We can only hope.