I’m sure you all remember when the Russians put sputnik in orbit and the space race began in the early 60’s.  President John Kennedy challenged and committed us to put a man on the moon by 1970.  He made sure that the fields of science and technologies were supported, and that our education system was able to produce the scientists and engineers necessary to make this milestone achievable.  He called us to battle and his leadership helped make this happen.  We not only put a man on the moon in less than the 10 years he called for, but our education system produced so many science and mathematics majors that it led to a surge in technological advancements.

We desperately need that kind of leadership in our energy policies today.  We need a President who will call us to battle to become energy independent within 10 years and to commit the resources necessary to make it happen.  I would bet everyone would agree to a federal gas tax hike if all the funds were put into research, development, and education to develop and refine the technology and produce the engineers necessary to manufacture the engines, the fuel cells, and other advancements needed to make this goal attainable.  Furthermore, we ought to use part of the gas tax to develop the infrastructure to support ethanol and bio-diesel distribution, (which big oil doesn’t want to see).  The growth and expansion of high mileage automobiles and trucks is contingent upon the ease and economic viability of this distribution to the public.

We should also have a sales tax on gas guzzling automobiles where these revenues are then passed on to those who buy vehicles that achieve superior mileage performance, especially those cars and trucks that use alternative renewable fuels.  This would be a revenue neutral tax. 

Further, Washington should provide the leadership in reporting which oil company’s are spending their windfall profits on developing the next generation energy resources.  Some of these oil companies are making strides in new sources of energy, and we should encourage them to do more, but some of them are doing little or nothing, and those should be boycotted on a national level.  This will get their attention.

If we are for democratic freedom and reform around the world, then we need to stop sending the funds to those dictatorial governments that really don’t want change.  The higher the price of oil goes, the more resistance we are seeing to change and the more defiant these governments are. 

This is not an anti-Muslim or anti-developing world sentiment I am proposing; quite the contrary.  I would strongly urge a collaboration of investment with the Dubai’s of the world to partner with us to help finance and develop the next generation of engine, fuel cells, and other technologies that will help us reach our goal.  I absolutely want to see those countries grow and flourish. 

It is clear to me that insurgents and terrorists have a more difficult time achieving their mission when the money doesn’t flow so easily.  We, in this country, are guilty of helping indirectly financing those governments that sponsor terrorists.  Why, because we haven’t been willing to discomfort ourselves from our wasteful habits and conspicuous consumption of energy – the Hummer is a good example.  This is an obscene vehicle and represents everything wrong with our energy policies and current level of leadership.

This editorial comes with much reflection by this Vietnam Veteran on this Memorial Day weekend.  So many lives are being lost, and the sacrifices that are being made are being borne by only a few; our military, their families, loved ones, and friends.  Yet what are we sacrificing?  Nothing really - in fact we contribute more to their hardship by sending over $24 billion per month overseas for crude oil imports.  Think what we could accomplish with this money here at home, and what we could do to help our trade balance, strengthen our dollar, and regain our pride and confidence from having achieved a noble goal.

We have it within our power to achieve energy self-sufficiency.  Most of the technology already exists to achieve this goal.  What we need is the leadership and the resolve to do it like we did in the 1960’s when we put a man on the moon.  My vote goes to the man or woman who will commit to and provide such leadership.

Peter Kordell is an economist, commodity trader, and a 40-year veteran of the investment community, who writes a daily market commentary in the Daily Trade Blaster.