GREENSPAN FOR HYBRIDS… This morning Alan Greenspan testified before the Senate Foreign Relations committee on the end of cheap oil (“The energy abundance on which this nation was built is over”), our economic vulnerability, and the need to “wean ourselves off gasoline.” On this last matter, where to focus attention and funding … corn ethanol? Pah! We couldn’t harvest and process enough corn domestically to make a significant dent in fuel demand. More drilling sites? “It makes no sense to go out and try to find new sources,” Greenspan said, as the percentage of worldwide reserves open to international oil companies is fast shrinking. Hydrogen cars? Didn’t even come up. If you’re a betting (or investing) man, concentrate on energy-efficiency and honing technology for cellulostic ethanol and plug-in hybrids. Says Al.
