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Oil is at almost $100 a barrel.
Nov. 7th, 2007 12:24 amI'm seriously happy.
Basically, the higher the price of oil goes, the more effort corporations and people will put into conserving it.
I'm hoping the price of oil continues to rise gradually for the next several years, driving us to be more efficient. Perhaps economics can succeed where decades of legislation and environmental policy have failed. Give a free market a problem (like reducing the consumption of oil) and it will solve it. Alternative energy will likely get a big boost as well.
Or is it just that the dollar has lost a lot of value in the last few months, and thus the dollar price of oil has gone up?
It turns out it's a mix of both the dollar getting weaker and the true price of oil (in Euros, Yen, or other major currencies) going up.
Basically, the higher the price of oil goes, the more effort corporations and people will put into conserving it.
I'm hoping the price of oil continues to rise gradually for the next several years, driving us to be more efficient. Perhaps economics can succeed where decades of legislation and environmental policy have failed. Give a free market a problem (like reducing the consumption of oil) and it will solve it. Alternative energy will likely get a big boost as well.
Or is it just that the dollar has lost a lot of value in the last few months, and thus the dollar price of oil has gone up?
It turns out it's a mix of both the dollar getting weaker and the true price of oil (in Euros, Yen, or other major currencies) going up.
