SOURCE: Milken Institute

October 16, 2008 09:00 ET

It's Time to Wake Up From Oil Price Shock and Create an Effective U.S. Energy Policy, Warns Severin Borenstein in Milken Institute Review

LOS ANGELES, CA--(Marketwire - October 16, 2008) - Washington has largely ignored energy issues in recent decades, focusing only when confronted with huge spikes in oil prices. It's way past time, argues Severin Borenstein, director of the University of California Energy Institute, to get a grip on the realities of our narrowing options.

"There is little that the United States could do on its own to drive down the price of oil," Borenstein writes in the latest Milken Institute Review (4th Quarter 2008). "But there is much we could do to minimize the risks created by heavy dependence on petroleum. A good place to start is to drop the rhetoric of energy independence and focus on the appropriate, more achievable goal of energy security."

Also in this issue:

--  Julia Isaacs and Belle Sawhill of the Brookings Institution take on
    the myth that America is the land of opportunity.
--  Nicholas Eberstadt of the American Enterprise Institute calls for
    abandoning the "official poverty rate."
--  Ray Kopp of Resources for the Future offers a no-tears guide to the
    coming battle over climate change legislation.
--  Roger D. Blair (University of Florida) and James Mak (University of
    Hawaii) take a swat at the U.S. Maritime Administration's badly outdated
    regulations protecting American ships -- in particular, cruise ships --
    from foreign competition.
--  Andy Zimbalist of Smith College examines whether salary caps really
    level the playing field in professional sports.
--  Allen Sanderson (University of Chicago), John Siegfried (Vanderbilt)
    and Peter McHenry (Yale) cast a skeptical eye on the inclination of
    universities to ignore economics in justifying expansion plans.

The Milken Institute Review is sent quarterly to the world's leading business and financial executives, senior policy-makers and journalists. It is edited by Peter Passell, former economics columnist for The New York Times.

About the Milken Institute: The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It is based in Santa Monica, Calif. (

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