Tank up on petrol and say, ‘I’m good enough, I’m rich enough, and people in the Middle East like my money’

But the advocates for energy independence want to do more than just regulate emissions. Since Jimmy Carter put on his cardigan sweater and declared saving energy “the moral equivalent of war”, politicians have been coming up with faulty arguments for weaning us from imported oil, including the following.

The well is running dry. Government planners have a long history of overestimating the future cost of oil and underestimating the cost of their pet alternatives — which is why we keep burning oil. The government should finance basic research, not pick winners and losers. If there’s a better alternative to oil in the near future, don’t expect it to be glimpsed by the politicians now doling out subsidies to energy corporations and the corn farmers who vote in the Iowa caucuses.

America needs insurance against “oil shocks”. Insurance doesn’t make sense if the premiums cost more than the disaster. Mandating fuel-economy standards saved gasoline and made Americans a little less vulnerable to a spike in oil prices, but the rules led to smaller cars and an additional 2,000 deaths per year in highway accidents from the mid-1970s to the mid-1990s, according to the National Research Council.

Storing oil in the Strategic Petroleum Reserve was supposed to moderate the economic damage of price spikes, but there’s little evidence that it’s ever made any appreciable difference, according to a Cato Institute study by Jerry Taylor and Peter Van Doren. They calculate that the reserve has cost taxpayers more per barrel than the oil itself has ever been worth — even in years when the average price of oil was high, as in 1991 or last year.

We must take away the Middle East’s “oil weapon”. The only real oil weapon is the one that American politicians use to justify energy plans and Middle East adventures. It doesn’t matter if our enemies in the Persian Gulf refuse to sell us oil directly. Once they sell it to anyone, it’s in the global market and effectively available to us.

The only way to hurt us would be to refuse to sell to anyone, but Middle Eastern countries are far more dependent on oil than we are: Their oil revenues constitute a much bigger percentage of their income than their oil represents as a fraction of our imports.

If Osama bin Laden took over Saudi Arabia, why would he want to risk a popular uprising from citizens suddenly cut off from their accustomed cut of the national income? Selling oil makes sense, as bin Laden acknowledged when he said in an interview in 1996, “We are not going to drink it.”

The US spent decades propping up the shah only to see Iran fall into the hands of our archenemies, but Iran is still exporting oil — and it is a lot more reliable producer than Iraq, despite all the money and lives we’ve spent there. The best guarantee of future oil supplies is the sellers’ greed, not our diplomatic and military efforts.

When something finally comes along that’s cheaper and more reliabl than oil, no national plan will be necessary. Capitalists will be ready to sell it to eager American drivers. For now, the best strategy is to buy gasoline and stop worrying that it’s sinful or dangerous.

When you hear politicians calling you an addict and warning that you’ll be cut off, try my plan for energy independence. After you fill up your tank, twist the rear-view mirror so you can gaze at yourself. Repeat these words: “I’m good enough, I’m rich enough, and doggone it, people in the Middle East like my money.”

The New York Times