Update:The New York Times has an article entitled “Rising Demand for Oil Provokes New Energy Crisis” which begins thus:
With oil prices approaching the symbolic threshold of $100 a barrel, the world is headed toward its third energy shock in a generation. But today’s surge is fundamentally different from the previous oil crises, with broad and longer-lasting global implications.
Just as in the energy crises of the 1970s and ’80s, today’s high prices are causing anxiety and pain for consumers, and igniting wider fears about the impact on the economy.
Unlike past oil shocks, which were caused by sudden interruptions in exports from the Middle East, this time prices have been rising steadily as demand for gasoline grows in developed countries, as hundreds of millions of Chinese and Indians climb out of poverty and as other developing economies grow at a sizzling pace.
“This is the world’s first demand-led energy shock,” said Lawrence Goldstein, an economist at the Energy Policy Research Foundation of Washington.
Forecasts of future oil prices range widely. Some analysts see them falling next year to $75, or even lower, while a few project $120 oil. Virtually no one foresees a return to the $20 oil of a decade ago, meaning consumers should brace for an era of significantly higher fuel costs.
enjoy! Premium Gasoline is $9 a gallon in Norway, with the rest of Scandinavia and the UK not far behind… Mind you, their pain is a little easier to bear with 60 mpg cars.
Anthropogenic global warming believers and all other environmentalists should be thrilled. High gas prices will bring more serious conservation efforts.
Be thankful we’re not as heavily taxed as the Euros, then.
And you’re absolutely correct, Katherine. The higher the price of gas, the more economicaly feasible alternative energy becomes. And that will do more than all the ham fisted goverment interference could manage.
Actually, the higher gas prices become, the louder the outcry for more domestic oil exploration becomes. It’s already happening locally, as petitions are being ciruclated for Florida to allow limited off-shore oil leases.
ANWR is next, as there is no reason NOT to drill there.
Part of the same mechanism, as oil that is harder to reach (ANWR is more expensive than, say, Texas) becomes economicaly viable. We’ll also see more deep-sea drilling, I expect.
Not to hijack the thread, but this was just sent to me:
[url=http://icecap.us/index.php/go/joes-blog/comments_about_global_warming/]Weather Channel Founder: Global Warming ‘Greatest Scam in History’ [/url]
By John Coleman
It is the greatest scam in history. I am amazed, appalled and highly offended by it. Global Warming; It is a SCAM. Some dastardly scientists with environmental and political motives manipulated long term scientific data to create an illusion of rapid global warming. Other scientists of the same environmental whacko type jumped into the circle to support and broaden the “research†to further enhance the totally slanted, bogus global warming claims. Their friends in government steered huge research grants their way to keep the movement going. Soon they claimed to be a consensus.
Environmental extremists, notable politicians among them, then teamed up with movie, media and other liberal, environmentalist journalists to create this wild “scientific†scenario of the civilization threatening environmental consequences from Global Warming unless we adhere to their radical agenda. Now their ridiculous manipulated science has been accepted as fact and become a cornerstone issue for CNN, CBS, NBC, the Democratic Political Party, the Governor of California, school teachers and, in many cases, well informed but very gullible environmentally conscientious citizens. Only one reporter at ABC has been allowed to counter the Global Warming frenzy with one 15 minute documentary segment.
#6 C’mon, you ARE attempting to hijack the thread. Please take this elsewhere. Elves, help, please! Thanks.
There have been plenty of Global Warming threads of late. This doesn’t need to become another. Thanks.
#1 Trag, Yes, and the pain is easier to bear when: 1) one lives in a geographically compact country, where there are 2) no enormous Hummers and SUVs looming dangerously in the back window of your tiny, economical car and 3) most folks live in high-density cities with fantastic public transportation.
We need to implement all sorts of alternative fuel sources. Too bad the trillions wasted in the Iraqi occupation won’t be available.
Little Cabbage (#() said,
“Too bad the trillions wasted in the Iraqi occupation won’t be available.”
Little Cabbage, those “trillions” have been available since the OPEC oil crisis of the early 1970s.
The problem is that Congress, mostly Democrat, over the period since then, have seen fit to ignore our country’s energy priorities.
You might say, that if we go to war over oil, that the blame falls squarely on the shoulders of the Senators and Congressmen who were elected to their offices since then.
Personal and moral courage seems to have never been salient characteristics of elected members of Congress over the past 40 years.
Come, come: there are a number of decorated service veterans from several wars serving in the US Congress. And, while Congress has usually had a Democratic majority (please don’t be rude, use the correct name, ‘Democratic’. Thanks), they often did not have a veto-proof majority. That’s the case today. During that time, the Presidency has been almost unrelentingly Republican.
‘If’ we go to war over oil’?!? Wake up and smell the coffee! Arch-Republican Alan Greenspan has already publicly confessed that we invaded Iraq precisely for the oil! Together with our Presidents (especially the Bush clan, former ‘Texas oilmen’ to the core), the Democratic and Republican Congresses of recent years were bought by the international oil conglomerates and their business allies. They have made sure the spigot was turned on for their own interests (special tax breaks, the oil depletion allowance, etc., etc.) while a pittance was put toward securing Americans an independent energy future.
Cheney/Bush invaded a sovereign nation thinking they could simply build enormous US military installations (which are going up today), install a puppet Iraqi leader (proving difficult due to the ethnic /religious tensions which anyone with a brain knew where simmering under the surface), and whoila!! Halliburton and the oil guys (Dick & Shrub’s kind of people!) all make baskets of money into the far future — with the US taxpayer (and our children and grandchildren) picking up the tab. This Republican Administration has managed to loan us with more debt than ALL OTHERS COMBINED. (Which is why my life-long Republican uncle has left that party in disgust).
I believe this is the core issue: Our current system of ‘campaign’ financing amounts to legal bribery, and is shameful. We desperately need true campaign finance reform, and Common Cause has long advocated for it. See their website for ideas.