Cramer’s Remorse, VII: “Natural Gas Blew It”
In light of yesterday’s (at least that was when I wrote it, but apparently I missed the “Publish” button) enthusiasm over Stimulus II, I was a bit surprised to read that Jim Cramer almost totally gets it in regard to cap-and-trade. He knows that it’s horrible for the economy. He knows that we don’t have any “bridge fuels”, as he terms them, to get to wherever this bill is supposed to be taking us. He knows that wind and solar are decades away from practicality. He even cites Steve Pearlman’s article this morning in the Washington Post as a description of how thoroughly corrupt this whole cap-and-trade deal is. As against that, he dismisses coal as “awful” without further discussion but you take what you can get.
But the one thing that truly stuns him is the inability for natural gas to gain any traction in the discussion about energy policy. Which leads me to what stuns me: Cramer seems to think this is the fault of the natural gas industry! He even uses the “L” word — lobbying — to describe what companies like Apache, Chesapeake, Devon, Southwestern and XTO are failing, in his view, to adequately do!
I guess Cramer has already forgotten how his candidate promised to kick all the lobbyists out of Washington. (By which he meant the lobbyists he didn’t like, but anyway.) Either that or he’s decided that was just another lie after all.
But regardless, even Cramer should be able to figure out that the natural gas industry, much like the oil industry, is persona non grata in Obama’s Washington and never stood a chance of being a factor in Obama’s energy policy.
If the natural gas industry is at “fault” for anything it’s for backing the losing side last year, a mistake we may all have to pay dearly for.