Green energy revolution required – Novogratz

Millenarian doom-mongering or wave of the future? You decide.
Investment guru Michael Novogratz told conference attendees that rising oil prices will launch a green energy revolution in capitalism, reports Wired.

“As the price of oil goes up, there's got to be a green revolution. I think of what will be the next driver of the American economy, and it's green energy. That's a huge growth opportunity. It's not about the pollution. It's about the energy. Gas will go to $10 a gallon," Novogratz, America’s 317th richest person, told attendees at the Stories from the Near Future conference in New York.

Science reporter Brandon Keim gives credence to Novogratz’s views, noting: “[...] there's a reason why Novogratz is a full-blown member of the plutocracy and I'm a science journalist [...] part of the reason why wealthy people are so wealthy is the ability to think several decades into the future.”

Might another reason why wealthy people are so wealthy be their control of the means of production and ability to profit from, let’s say, rising energy prices?

Keim also points out that Novogratz poured scorn on putative US presidential candidate Hillary Clinton’s plans for a temporary petrol ‘tax holiday’. The 317th richest man in America doesn’t care if poor people can’t afford fuel? Surely some mistake?
Last modified on Monday, 12 May 2008 10:30

Please log in to comment.