 AP What do we mean when we talk about an energy crisis? Is that an appropriate term for framing this discussion?
Shah: The word energy is very confusing. Energy includes both transportation fuel—which I think people are very concerned about—and coal, solar, wind, and other things that produce electricity. People confuse the two, and while we have fast-rising prices of electricity—5 percent rate increases per year since 2000—the fourfold increase in oil prices since 1999 is a much bigger problem in terms of economics than our electricity problem. . . TAGGED: energy economy, alternative energy, domestic oil production, U.S. energy policy, Bloomberg BusinessweekRECOMMENDED ARTICLES| When it comes to Big Oil, the latest news clips say it all—soaring gas prices topping $4 a gallon; a record-high $33.5 billion, or $368 million per day, in 2012 first-quarter profits for BP, Chevron, ConocoPhillips,... more ›› |
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