(Hat tip to the Carpetbagger Report) TheStreet.com is reporting that Jeremy Grantham, Dick Cheney’s investment manager has sent a 4-page scathing indictment of U.S. energy policy to his clients:
Titled "While America Slept, 1982-2006: A Rant on Oil Dependency, Global Warming, and a Love of Feel-Good Data," Grantham's philippic adds up to an extraordinary critique of U.S. energy policy over the past two decades.
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"Successive U.S. administrations have taken little interest in either oil substitution or climate change," he writes, "and the current one has even seemed to have a vested interest in the idea that the science of climate change is uncertain."
Yet "there is now nearly universal scientific agreement that fossil fuel use is causing a rise in global temperatures," he writes. "The U.S. is the only country in which environmental data is steadily attacked in a well-funded campaign of disinformation (funded mainly by one large oil company)."
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There is an investment angle to Grantham's argument. He says he is "certain" that "oil substitution, energy conservation, and related environment issues will be the biggest investment issue of at last the next several decades." He adds: "It is clear there is no single solution so investment opportunities will be spread very broadly, especially in energy conservation."
Go read the whole article. It paints Cheney for the ignorant jerk that he is, having led us down the garden path, wasting the past 26 years, which he points out could have been used to reduce oil use such that we’d not need to import a single barrel of oil today.
He points out that both Japan and Italy have higher GDP per unit of energy than the U.S.
Is this a smoking gun of investor acknowledgment that a cabal of oiligarchs have hijacked our nation and have been driving US policy and needlessly draining her treasury into the pockets of the oil companies and military-industrial complex, to the detriment of the nation?