The US needs a focused national energy policy now, said Mario Gabelli, chief investment officer at Gamco Investors. He shared his insights.
“Have a concentrated energy policy that says, we’re producing less, consuming more—and come up with a plan of accelerating [production]. Put it together like they did in the FCC and sell it,” Gabelli told CNBC.
The Federal Communications Commission unveiled a broadband plan in March, in a proposal that calls for upgrading Internet access for all Americans and shifting spectrum from television broadcasters to support the huge demand for smartphones and other wireless devices. Gabelli believes the same can be accomplished for alternative energy.
“We needed a new telecommunications policy and [FCC Chairman Julius] Genachowski has come up with that,” said Gabelli. “We need a similar policy in energy.”
“Where’s the master plan of increasing production of safe areas, how do we use technology to drive that, and how do we reduce consumption?”
—Wire services contributed to this blog.
______________________________
More Market Intelligence:
- Byron Wien: Oil at $100, Gold at $1,500 by Year-End
- Bear Market May Continue For 5-6 Years: Spiropoulos
______________________________
CNBC Data Pages:
______________________________
______________________________
Top 'Traditional' Energy Firms:
ExxonMobil
Chevron
Constellation Energy
American Electric Power
NRG Energy
______________________________
Disclosures:
No immediate information was available for Gabelli or his firm.
______________________________