The End of Energy

by Graetz, Michael J.

• ISBN13: 9780262015677
• ISBN10: 0262015676
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-03-04
• Publisher: Mit Pr

Summary

Americans take for granted that when we flip a switch the light will go on, when we turn up the thermostat the room will get warm, and when we pull up to the pump gas will be plentiful and relatively cheap. In The End of Energy, Michael Graetz shows us that we have been living an energy delusion for forty years. Until the 1970s, we produced domestically all the oil we needed to run our power plants, heat our homes, and fuel our cars. Since then, we have had to import most of the oil we use, much of it from the Middle East. And we rely on an even dirtier fuel-coal-to produce half of our electricity. Graetz describes more than forty years of energy policy incompetence-from the Nixon administration's fumbled response to the OPEC oil embargo through the failure to develop alternative energy sources to the current political standoff over "cap and trade"-and argues that we must make better decisions for our energy future. Rather than pushing policies that, over time, would produce the changes we need, presidents have swung for the fences, wasting billions seeking a technological "silver bullet" to solve all our problems. Congress has continually elevated narrow parochial interests over our national goals, directing huge subsidies and tax breaks to favored constituents and contributors. And, despite thousands of pages of energy legislation since the 1970s, Americans have never been asked to pay a price that reflects the real cost of the energy they consume. Until Americans face the facts about price, our energy incompetence will continue-and along with it the unraveling of our environment, security, and independence.

Table of Contents

Acknowledgments	p. ix
Prologue: The Journey	p. 1
A ôNew Economic Policyö	p. 9
Losing Control over Oil	p. 21
The Environment Moves Front and Center	p. 41
No More Nuclear	p. 61
The Changing Face of Coal	p. 79
Natural Gas and the Ability to Price	p. 97
The Quest for Alternatives and to Conserve	p. 117
A Crisis of Confidence	p. 137
The End of an Era	p. 147
Climate Change, a Game Changer	p. 155
Shock to Trance: The Power of Price	p. 179
The Invisible Hand? Regulation and the Rise of Cap and Trade	p. 197
Government for the People? Congress and the Road to Reform	p. 217
Disaster in the Gulf	p. 249
Key Energy Data	p. 265
Crude Oil Prices	p. 265
U.S. Petroleum Production and Net Imports	p. 266
U.S. Petroleum Imports by Country of Origin	p. 267
U.S. Net Electricity Generation by Energy Source	p. 268
Carbon Dioxide Emissions by Sector, 2008	p. 269
Chronology	p. 271
Bibliographic Essay	p. 279
Index	p. 355
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