For goodness sake, the price of oil is already dropping. Just have a look at http://oil-price.net/. Also, we still have something like 60% of the oil left in all drilled oil reserves. This does not take into account untapped reserves and those we haven't found yet. So have no fear, western economies will not be devastated by oil prices.For how much longer will western democracies economic well being be held hostage by the high price of oil?
The choice appears to be between high prices and low availability.
But even with high prices there is no guarantee that there will be ample supplies. We can use up all the available petroleum as fast as possible, and yet we may still be short of supply, we may still have high prices. We can drill drill drill, but costs per barrel are likely to continue rising, and supply to decline.
Leadership may have to come from the bottom, cutting usage, finding alternatives. There is no point waiting for leadership when you know where you need to go.
Until we get someone with the balls to tell these lobbyists where to stick it. Until we start getting some of these clean renewable energies to the market.
This system is doomed, though. As long as there is billions of dollars to be made from oil, the government will continue to be bought out by lobbyists no matter what the consequences.
The prices will drop as soon as offshore drilling leases are issued to oil companies. DRILL NOW!!! Most oil wells are owned by the governments of countries that don't like us. We need more oil production in the U.S. Alternative energies will help reduce demand which will lower prices. We need more energy. Most of that additional energy will come from increased oil production.
Until we stop using gas. Drilling in new places won't help. It'll distract us from making renewable fuels by the low gas prices. The low gas prices will cause us to use all the oil way before the predicted times. Then, poorer nations, who got the oil will stop getting the oil.
Forever and ever Amen
As long as U propagate Global Warming.
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