Crude oil prices have reached $140. The US dollar has lost hugely against the Euro and the Canadian dollar. Petroleum prices will continue their unstoppable surge, which is driven by steadily increasing demand, Wall Street speculation, and OPEC refusal to meet demand.

Present and previous US administrations have made no serious efforts to develop effective countermeasures. The attempt of the Bush administration to gain control of oil in the Middle East has failed. Highly subsidized US ethanol production from corn has not made a dent in petroleum demand, but has led to a huge rise in worldwide grain and food prices.

Instead, the administration and many politicians are demanding energy conservation and a failing "Cap and Trade" permit system. Drilling for oil in Alaska and offshore is another request by oil lobbyists.

Countermeasures have not contributed anything to produce supplies. However, ill conceived solutions have made many politically connected people very rich. Greed has trumped patriotism!

For more than twenty years, politicians, industry, media, and citizens are discussing the issue of oil imports and their pernicious effects on the US economy. In May 2008 the US imported 14.2 million barrels of crude oil per day. At $140 per barrel the USA gives away roughly $2 billion every single day to foreign nations! In addition, a substantial amount of refined fuels is imported. This means that the US is approaching a shameful threshold, when it pays $1 trillion dollars for foreign fuel imports annually. These huge funds could do wonders for the US economy, if they would be spent on energy supplies produced by our own industry, inside the US.

The US has a severe energy problem. It possesses huge reserves of coal and oil shale. However, coal, oil, and natural gas emit large amounts of greenhouse gases when burned. Fossil fuel combustion is the cause of global warming. We cannot dare to continue the continuing the use of fossil fuels for more than a couple of decades. Otherwise, too much carbon dioxide will accumulate in the Earth's atmosphere and will lead to an acceleration of global warming. Global warming is responsible for climate change and for mounting damages to nature, worldwide assets, and people. Melting of glaciers and ice in the Polar Regions is already a growing and unstoppable threat.

Electricity and liquid transportation fuels are the lifeblood of our economies. Economic growth is not possible without plentiful, affordable, and secure energy supplies. Economies will fail when supplies of petroleum become scarce, when global warming keeps inflicting damages, and when petroleum prices keep continuing their skyward move.

Are there any solutions that can be developed and implemented before petroleum is depleted and before global warming exceeds the 3 to 4 degree Celsius global warming threshold?

Fortunately, there are many alternate approaches for generating electricity that will not emit greenhouse gases.

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