Today oil hit $65 a barrel. In the 70's the oil crisis was brought on by prices hitting (time/inflation adjusted) $75. A few months ago people were shocked when it hit $50, but it's got higher and higher ever since, and doesn't seem to be showing much signs of slowing down. Each time it's had a little mini peak on the way up to it's current level, people have been saying, "Ah, it's only this high because of xxxx doing yyyy" which may be true, but alot of xxxx have been doing a lot of yyyy it seems.
Secondly we have the phenomena of Peak oil, which while people like DRB may argue does not exist, is largely accepted by a good number of geologists and oil industry observers. Whilst on the face of it does not seem Peak oil has anything to do with these current prices, it would appear to be a major factor in oil supply and demand in the coming decades. China and India are going to be wanting a lot of oil fairly soon.
Whilst there is movement in terms of coming up with alternative supply mechanisms, nothing at the moment looks like coming close to bridging the gap.
What should be done about all this? America, as by far the largest consumer of Oil obviously has a huge interest in the eventual outcomes of these processes and events. Should Americans be forced to give up SUVs and the like? What would it take to make you give up your reliance on oil? What do you think will happen? Is this all BS?
Secondly we have the phenomena of Peak oil, which while people like DRB may argue does not exist, is largely accepted by a good number of geologists and oil industry observers. Whilst on the face of it does not seem Peak oil has anything to do with these current prices, it would appear to be a major factor in oil supply and demand in the coming decades. China and India are going to be wanting a lot of oil fairly soon.
Whilst there is movement in terms of coming up with alternative supply mechanisms, nothing at the moment looks like coming close to bridging the gap.
What should be done about all this? America, as by far the largest consumer of Oil obviously has a huge interest in the eventual outcomes of these processes and events. Should Americans be forced to give up SUVs and the like? What would it take to make you give up your reliance on oil? What do you think will happen? Is this all BS?