It was a "show trial" that would have made Joseph Stalin blush. Shell Oil President John Hofmeister gave an eloquent explanation of the global oil situation and the problems caused by irrational domestic restrictions. But his demeanor was diplomatic to a fault, pleading with the Senate inquisition to reconsider its threat of a windfall profits tax.

I was hoping for a more aggressive defense, with an oil company exec rising from his seat, wagging his finger - Bill Clinton-style - in the faces of these grandstanding demagogues and giving them hell in return, something like, "Are you insane? Don't you remember what happened the last time you clowns screwed with the industry during the Carter presidency? You want someone to blame? Look in the mirror. You're the ones who won't let us drill for oil and gas in ANWR and offshore; you're the ones blocking new refineries and nuclear plants. And the best you can do is sue OPEC for antitrust collusion? Be serious. You might as well sue Osama bin Laden for property damage."

The dollar amount of oil company profits is big because all the numbers are big in this industry. The percentage return on those revenues is in line with other industries. When the world crude price is high, oil company profits climb just as they plunge when world oil prices slump. Even at record levels, the oil industry pays far more in taxes to government than it reaps in profits. Since 1992, the Big 5 oil companies have earned $662 billion. But they didn't stuff that money in a mattress. Over the same period, they reinvested $765 billion in future development. That's called capital formation in a market economy.

Flaunting his ignorance, Wisconsin Democrat Herb Kohl declared, "We can only conclude that the oil markets have failed." No they haven't, they're doing just what they're supposed to do, equilibrating supply and demand. To be sure, inflation, a weaker dollar and speculators are contributing to the surge in prices, but supply-and-demand economics is at the heart of this, with burgeoning economic growth in emerging economies like China and India leading the way. The remedy for the United States in the foreseeable future is more supply of proven, practical domestic energy resources, not "sustainable" hallucinations from the greenies.

The fanciful notion that human activity is a significant factor in climate change, and "carbonphobia" have held U.S. energy policy hostage long enough. Preachers of enviro-Armageddon imagine humankind reverting to a Spartan lifestyle as world energy resources slowly dwindle. If that's truly our fate, let's blow it all now and enjoy it while it lasts. In the grand scheme of history, what difference would it make if we've got 20, 50 or 100 years?

But that's not my vision. Oil, coal, natural gas and nuclear power, will be our mainstays for decades to come. Of course we should use all our energy sources efficiently, but conservation isn't the solution, it's only a temporary mitigation. Ultimately, a quantum technological breakthrough will catapult us to a new level of energy efficiency. It may be unleashing the force of hydrogen from water, or the dilithium crystals that power the starship Enterprise. The lesson of history is that we solve today's problems with tomorrow's technology.

And here's a campaign tip for John McCain: Get off Al Gore's global-warming bandwagon. It's a fool's errand. Soaring energy prices are shifting American public opinion to a more sensible balance between environmental concerns and economic reality. Lead it. From oil and gas in Alaska and off our coasts, to oil shale in the Rocky Mountains, to nuclear power, America is awash in developable energy resources. Take a strong stand on unleashing them.

Mike Rosen's radio show airs daily from 9 a.m. to noon on 850 KOA. He can be reached by e-mail at mikerosen@850koa.com.