Good op-ed by David MacKay, Cambridge University

OK, it's time to write something about offshore drilling. When it first came into the spotlight I thought it would quickly disappear. But, it has proven to be a valuable election campaign tool, especially for McCain, with public emotions running high. Perhaps now that the oil price is coming down this issue will not have a strong appeal for much longer.

The US imports 10 million barrels of oil per day. This is more than it is producing itself, and over half of its oil consumption. If the US keeps consuming oil as it is now, imports will make up an estimated 70% of consumption in 2025.

It has been suggested by various policy makers that the US can be made energy independent within the next decade or two by simply growing more biomass, combined with oil savings. This is a myth. The volumes are simply too high.

John Hofmeister, Shell Oil president, sees an important role for his company in supplying the world’s energy in the future. Petroleum (oil and gas) will remain, at least for the near to medium future, the most important energy resource. Shell is also investing, as are many other energy companies, in renewable energy (wind, solar, biofuels) as well as so-called clean coal. Hear John Hofmeister’s views on Shell’s future directions and current energy policies.