I thought his comments were helpful to help stop speculation, but I do not know exactly what to make of that number. Oil industry was predicting $10 oil around Year 2000. World population is skyrocketing, so all bets are off. At the same time we keep finding big new energy sources, such as nat gas in USA. Not to mention renewables growth as contributor. Now nukes are in question, possibly increasing fossil fuel dependence. I might say that its a very good thing that we never had a US energy plan until now, in the sense that in 2011 we now know so much more crucial information (re: +nat gas supply, Japan tsunami impact, wind resurgance, solar cost reductions, EV popularity). Now looks like a good time to develop the plan, but there will be strongly divergent opinions of strategy. Its a good thing to have options though.
PS- I was wondering if this Senate hearing was really part of the Dems budget ceiling passage strategy. If the Repubs keep insisting on draconian budget cuts, the Dems want tax hikes in return. Repubs in general refuse any tax hikes, but maybe a tax hike on oil industry is politically acceptable. Also Dems positioning for 2012. Of course we witnessed a political-motivated hearing last week as usual.
