Skip Navigation
Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Barack Obama: please end our dependence on cheap platitudes about foreign oil

By Megan McArdle
Aug 28 2008, 10:34 PM ET Comment

Question:  How can you tell when a politician is lying?

Answer:  His lips are moving. 


Barack Obama just promised to end our dependance on oil from the Middle East.  This is, not to put too fine a point on it, horse puckey.

It doesn't matter what we do:  drill, research alternative energy, raise CAFE standards . . . in 2018, we'll still be using oil.  Even if we discovered a magic source of clean renewable energy tomorrow, we'd still be using a lot of oil, because transitions of that magnitude take time.  A lot of time.  If a price competitive solar heating system came out tomorrow, would you run out and buy one?  Or would you wait until the oil heater broke?

Moreover, cutting our consumption of oil will not do anything to reduce our dependance on oil from the Middle East.  First, because other countries--countries we trade with--will still be using the stuff, so changes in oil prices will continue to whipsaw our economy.  And second, because the price of oil is set on the world market. If we cut world consumption back to 20 million barrels a day, we would be totally dependent on Middle Eastern oil, because they're the low-cost producers--it takes, if I recall correctly, less than $5 a barrel to pull oil out of the ground in Saudi.  The Middle East will be the last place to close the taps.  The more we cut world consumption, the more dependent we'll be on crazy Middle Eastern governments.  Those governments might not be as rich.  But we'll still need them just as much, as long as oil remains critical.

And it will remain critical.  Not just because our battery technology is not up to a thoroughgoing changeover in our transportation system.  But also because we use oil for other things.  Plastics--you may have noticed there's quite a lot of that stuff around, in a lot of important consumer goods.  Avgas--we won't get battery powered planes any time soon.  Fertilizer, upon which the green revolution depends; without petrochemicals and natural gas derivatives, Soylent Green would look prescient instead of silly.

Needless to say, since we do not, in fact, have any technology that looks likely to replace hydrocarbons in the immediate future, this statement is even more mendacious ludicrous.

Barack Obama certainly knows all this.  He has excellent advisors.  But the American public wants to hear that they can legislate the Middle East into irrelevance and Global Warming into Indian Summer.  So Barack Obama is going to tell them they can have this In Thirty Days with Absolutely No Side Effects!  Not least because you can be sure, John McCain will be making the same false statements exaggerated promises from his podium.


Presented by

More at The Atlantic

translating the Bible—Into an E-Book That Works on Any Phone Translating the Bible—Into an E-Book That Works on Any Phone
Reckoning With a Genocide in Guatemala Facing a Genocide in Guatemala
Why Does Maine Have a Two-and-a-Half-Month Caucus? Why Does the Caucus in Maine Go on for More Than Two Months?
A Lonely Widow's Conscience Helped Gay Marriage Pass in Washington A Moving Speech from a Washington Legislator
Death by Flavored Vodka Death by Flavored Vodka

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.
blog comments powered by Disqus
Special Report
Election 2012 Reuters Election 2012
The destination for full politics coverage, from the primaries to the White House. Read more ›

Just In

Sage Stossel
Sage Stossel2:25 PM ET

Birth-Control Control

View All Correspondents

The Biggest Story in Photos

The Civil War, Part 3: The Stereographs

Feb 10, 2012

Subscribe Now

SAVE 59%! 10 issues JUST $2.45 PER COPY

Facebook

Newsletters

Sign up to receive our free newsletters

(sample)

(sample)

(sample)

(sample)

Megan McArdle
from the Magazine

Why Companies Fail

GM’s stock price has sunk by a third since its IPO. Why is corporate turnaround so difficult…

The Graduates

Busted banking careers, crashed consultants, and shrunken incomes: the author attends her 10-year…

Romney’s Business

The Republican contender touts his business experience—but does it really matter?