The US Federal Reserve Board Chairman likes PHEVs "despite their
inconvenience." Here's the Washington Monthly's report and blog,
followed by the text
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.
<http://www.washingtonmonthly.com/archives/individual/2006_06/008970.php>http://\
www.washingtonmonthly.com/archives/individual/2006_06/008970.php

http://foreign.senate.gov/hearings/2006/hrg060607a.html
US Senate Foreign Relations Committtee Hearing on Oil Dependence and
Economic Risk
Wednesday, June 7, 2006
Includes an opening statement by Senator Lugar (who saw our cars in DC), then:

Concluding paragraphs from statement of Alan Greenspan President
Greenspan Associates LLC

The U.S. economy has been able to absorb the huge impact of rising
oil prices with little consequence to date because it has become far
more flexible over the past three decades owing to deregulation and
globalization. Growing protectionism would undermine that flexibility
and make our nation increasingly vulnerable to the vagaries of the oil market.

Current oil prices over time should lower to some extent our
worrisome dependence on petroleum. Still higher oil prices will
inevitably move vehicle transportation to hybrids, and despite the
inconvenience, plug-in hybrids. Corn ethanol, though valuable, can
play only a limited role, because its ability to displace gasoline is
modest at best. But cellulosic ethanol, should it fulfill its
promise, would help to wean us of our petroleum dependence, as could
clean coal and nuclear power. With those developments, oil in the
years ahead will remain an important element of our energy future,
but it need no longer be the dominant player.

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Felix Kramer fkramer@...
Founder California Cars Initiative
http://www.calcars.org
http://www.calcars.org/news-index.html
http://www.hybridcars.com/blogs/power
http://www.bettah.org
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