Is "energy Independence" a worth intention?

by Janani Biz
Posted: Jul 08, 2022

Say "power independence" to most people, and they will agree that it's far a worth and laudable coverage purpose. The right wants to wean us off of foreign oil. The left wants to wean us off of oil, length. both appear to think it is a horrific aspect that we purchase oil or other fuels from foreign international locations.

I am now not convinced. power is critical to any economy, however I don't assume "energy independence" is any extra critical or worthy a aim than "food independence" or t-shirt independence. It indulges the "imports terrible, exports precise" fallacy of eighteenth-century mercantilism and privileges manufacturing according to se as the raison d'etre of financial interest. It additionally promises additional safety as we do not expose ourselves to the opportunity of being taken advantage of with the aid of foreigners who might not have our best pastimes at coronary heart.

Those are mistakes, but. To the quantity that an economy has a "point," it isn't always simply producing stuff. it's consuming--and not just stuff as there is a lot greater to life. extra productiveness way more opportunities for enjoyment that we can use to domesticate our finer instincts. decrease energy fees delivered about by using expanded foreign exchange might imply lower fees for maximum matters and, consequently, extra scope for flourishing. sure, a few humans will use that new prosperity badly. Others, although, will use it to enhance their minds and bodies. in preference to playing this prosperity, however, we've got resources tied up in artificially pricey energy production and storage.

But what about country wide security? right here again, I suppose it is a mistake to deter energy imports or privilege home power manufacturing inside the name of security. this is so for a couple of motives. First, there are plenty of people round the sector from whom we can buy oil, ethanol, steel, and other goods of strategic significance. 2nd, oil can be stockpiled as with the 727 million barrel US Strategic Petroleum Reserve. this does not even should be a government application as commodity traders can store and stockpile oil (or change futures and alternatives contracts) in anticipation of better charges as a result of supply disruptions. nicely-functioning markets for commodities like oil and metal obviate the need for such things as "energy independence" or the Strategic Petroleum Reserve.