This oil spill is to the environment what the subprime mortgage mess was to the markets — both a wake-up call and an opportunity to galvanize a constituency for radical change that overcomes the powerful lobbies and vested interests that want to keep us addicted to oil.
If President Obama wants to seize this moment, it is there for the taking. We have one of the worst environmental disasters in American history on our hands. We have a public deeply troubled by what they’ve seen already — and they’ve probably seen only the first reel of this gulf horror show. And we have a bipartisan climate/energy/jobs bill ready to be introduced in the Senate — produced by Senators John Kerry, Joe Lieberman and Lindsey Graham — that would set a price on carbon and begin to shift us to a system of cleaner fuels, greater energy efficiency and unlock an avalanche of private capital to the clean energy market.
American industry is ready to act and is basically saying to Washington: “Every major country in the world, starting with China, is putting in clear, long-term market rules to stimulate clean energy — except America. Just give us some clear rules, and we’ll do the rest” [Thomas Friedman, "No Fooling Mother Nature," New York Times, 2010.05.04].
The U.S. House got this done last summer. Senators Thune and Johnson, it's time to pick up the slack. China, Germany, and everyone else are putting on the grown-up pants on energy policy. America is the leading energy consumer; we should also be the leading energy innovator. Let's get with it!