Right now the fossil fuel industry, utility execs, pundits, and
politicians from both parties would like us to believe that natural gas
will solve our chronic energy woes. But they all suffer from short
memories. For years, natural gas has been known in the field as the
“crack cocaine of the power industry.” As one energy company official famously put it: “They get you hooked and then they raise the price.”
Natural gas earned this reputation because its prices have fluctuated
dramatically over the years. When prices are low (like now), lawmakers,
power utilities, and consumers eagerly embrace natural gas. Then the
price rockets up and they all suffer the consequences.
All this matters because Washington may be making long-term policy
decisions for us based on false, or at least shaky, assumptions.
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