Barack Obama, the US president-elect, will use executive powers to reverse George Bush's policies on oil exploration in national parks- senior aide John Podesta has indicated. This is a retrograde step ,which is music to the ears of oil producing countries such as Venezuela and Iran. Once more the West can be held to ransom. This is economic madness as the US has huge untapped deposits of oil offshore and in the Artic National Wildlife Refuge (ANWR) Alaska.
Renewable energy will not plug the energy deficit which is gaining momentum. The net result for consumers is higher gas prices in the not too distant future. Perhaps Barack Obama would prefer a return to the horse and cart. Obama is on record as supporting higher oil and gas prices. Looks like he will be true to his word.
Russia, India and China intend to push ahead with economic development underpinned by a strong attachment to oil. Such countries are obviously not too concerned with the possible environmental consequences. The US economy will stagnate.
