“Romney advisor Dan Senor says that traditional oil drilling is the technology of the past. The ‘real economic growth’ is in cleantech and greentech.”
Well nobody said it was a perfect team.
Mitt Romney has vowed to drill the nation’s way out of its foreign oil addiction instead of investing in clean fuel technologies—but according to Dan Senor, one of Romney’s closest political advisers, that’s bad economics.
Senor’s 2009 bestseller, “Start-Up Nation: The Story of Israel’s Economic Miracle,” argues that economies geared toward advancing and adopting new technologies like oil-free cars will transform entire global industries. He says economies focused on traditional oil drilling will continue to generate short-term wealth, but at the cost of innovation.
“You look at some of these countries in the Arab world that are so dependent on oil … They’re being held back by so little innovation in those sectors,” Senor said last year in a lecture at the University of Rochester. “The real economic growth is coming in biotech, medical devices, cleantech, greentech, IT.”
Senor’s argument calls into question the Romney campaign’s claim that developing all U.S. carbon energy reserves would spawn an economic resurgence.