Another $35 Billion Hole in The Ground?

So President Bush wants to double the size of the Strategic Petroleum Reserve. Using some rough calculations, we already have about $35 billion worth of oil (700 million barrels at $50 a barrel) sitting in the ground. Why in the world would we add that again?

The problem with federal government policy on oil consumption is that it is based on a twentieth century view of the world. We have the technology to dramatically improve fuel mileage with hybrids, and a much more modest investment than $35 billion would surely lead to a nation of electric vehicles capable of the range that consumers desire. Electric vehicles already are capable of performance that exceeds combustion-powered vehicles, but range and cost are the barriers to mass production. We aren’t far away from electric vehicles reaching a tipping point. If you don’t believe me, check out the Tesla Roadster – 0 to 60 in 4.2 seconds!
We have the capability to produce all of the electricity required for a nation of electric vehicles from a small fraction of the wind power that is available in the United States. For those that are concerned about the reliability of wind power, what would you rather have – a $35 billion hole in the ground, or a modest investment in energy storage for when the wind doesn’t blow. Unfortunately, the only wind blowing right now is an ill wind; that of mistaken policies rooted in the past.