Editorial: Fueling our future
Ever since the recession hit, businesses and individuals have been cutting back. Some of that is good and frankly long overdue, especially in the case of those who had run up exorbitant credit card bills and viewed home ownership as a path to easy riches … with financial institutions turning a blind eye to borrowers’ credit worthiness and collateral, just as long as profits were good.
But some of that caution has been counter-productive. Businesses forced to shed jobs as the economy spiraled downward are now reluctant to rehire those employees, even after their balance sheets have begun to turn around. Money loaned to major industries at obscenely-low rates by the federal government, intended to stimulate growth and innovation, is instead being hoarded or used to buy up more company stock.
Their reluctance is understandable. But it won’t lead to an economic recovery. What is needed is foresight, innovation and a little risk-taking. And what better place to start than energy.
Phillips Energy deserves credit for taking a risk in these uncertain times. The company’s relatively recent change in name, from Phillips Oil, shows its willingness to look beyond present-day needs.
While it would have been easy to stick with the status quo, or even sell off property in order to create short-term financial gains, company president John Phillips has pushed full steam ahead with an alternative fueling station at Hayes. While this investment may not pay immediate dividends, its long-term prospects are bright.
If more American businesses were willing to invest in alternative fuels, it would not only create jobs, but also lead to increased independence from the foreign oil cartel.
America became the most prosperous nation on the earth as a result of hard work, education, technical innovation and a spirit of entrepreneurship. If we hope to retain this favored status, we need to take some calculated risks.
It’s a lesson John Phillips knows well.