Kudlow and Yergin on New Nuclear Build

Recently, CNBC analyst Larry Kudlow had a brief conversation about new nuclear build with Daniel Yergin of Cambridge Energy Associates. The transcript (which I've cleaned up for the sake of clarity) follows:

KUDLOW: Oil is inching up toward $70 a barrel. Is this the moment for nuclear power or is this not in my back yard? Joining me now is Daniel Yergin, chairman of Cambridge Energy Research Associates and CNBC global energy expert. Dan, welcome back to the show. There's a great story in the Washington Post today . . . Your man is quoted . . . About the explosion of nuclear plants, including a lot of nuclear plant building in the United States, China, India and
Western Europe. Just give us a quick overview comment. Do you expect [it] to happen. Is this the era of nukes?

YERGIN: In a sense it is happening . . . And people say nuclear is not happening or dead . . . In the last five years, something like 24 new nuclear plants have gone into operation and another 20 are under construction. Of course, none of them so far in the United States.

KUDLOW: Well, all right, that's the thing. So let's talk about "not in my back yard". Let's talk about the federal energy regulatory commission that may have some authority to overrule the local "not in my back yards". Is that an interesting part of the energy bill or not?

YERGIN: Well, I think it is. It's one of the provisions that people haven't paid much attention to, but there are several elements of the bill that are meant to encourage [investment] in new nuclear power. There are loan guarantees and various, even money in there to repay companies, if they're subject to, quote, a breakdown in the regulatory process, which is the "not in my back yard".

That evening, CNBC and MSN Money asked viewers if the U.S. should build more nuclear plants in light of increasing energy prices. 84% said yes. Kudlow has been following our industry for a number of months now, something we noted back in March. He also has a blog of his own.

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