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The perils of caution

04/18/2011
The making of US energy policy suffers from automatic resistance to any initiative that promises to boost supply of fossil energy. Some of the resistance comes from extremists reflexively opposed to the production and use of oil, gas, and coal. The rest comes from more-serious thinkers inclined to treat fossil-energy projects as unique ensembles of risk and benefit and to err on the side of caution. Of the two, the risk-reward approach is superior. But a pattern of cautious error with decisions made case by case can have the same effect on energy as extremism.Three decisions at various stages in the US would, if driven by maximum caution, cut energy supply from domestic or nearby sources ...
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