Monday, January 25, 2010

Working From Some Wacky Facts, Palin Misleads On Future Of Oil

Drawing upon her extensive knowledge of the world's political and economic history, former Alaska Gov. and VP candidate Sarah Palin (R-Facebook) is now promoting oil as the energy source of the future.

Citing "this informative article" from the nakedly partisan Investors' Business Daily, Palin suggests in her new Facebook post that oil will still account for 40 percent of the world's energy supplies by 2035.

We're not sure where Palin and IBD are getting their information, but numerous independent analysts believe that number will already be down to 33 percent by 2030. Among the reasons why:

+The rising cost of oil exploration and refining as we dry up the oil that's easy to get and must move on to deeper and more remote locations.

+The fact that many of the remaining reserves are in unstable (read: dangerous) regions of the world.

+The falling cost of clean, alternative energy sources like wind and solar power.

In other words, if you listen to Sarah Palin and start putting your chips on oil, you'll be betting against the market. Just as the people who've worked with her wouldn't suggest taking her political advice, we suggest you steer clear of her economic ravings and rantings as well.

It's also worth pointing out how overwhelmingly voters rejected Palin's Big Oil policies at the ballots: the Obama-Biden pro-clean energy team's margin of victory over the "Drill, baby, drill" team of McCain-Palin was nearly 10 million votes - the largest since 1984. And today, after more than a year of well-funded attacks on clean energy reform from the energy special interests and their allies in Washington, public support for a clean energy and climate bill remains high in battleground states.

For more on Palin's factless new smear, check out Media Matters.