In the wings are enormous untapped unconventional oil resources that emerging technologies may render downright cheap before decades pass. Alternative energy is not an option. Environmentalists who talk about alternative energy sources mean windmills and solar energy. Even Guatemala, land of the rain forest, recently announced construction of a clean-coal power plant to meet demand for cheap energy. Expensive solar and wind power that would depress economic growth.
Cheap energy is good.
Energy energizes civilization. It cannot be too cheap. Over the past 20 years, total spending on energy has, incredibly, remained flat even as total energy consumption has risen and the economy has soared. This combination has allowed new money to go toward productive investment and social services, instead of escalating energy bills. This is good.