What’s up with oil prices? Well, it’s not speculators, and there’s no relief in sight, meaning at least five more years of high prices with no easy fixes. The ugly truth? Peak oil isn’t fringe anymore—it’s going mainstream.
The dozens of comments to this Wall Street Journal blog post indicate that even in this bastion of capitalism and conservatism that peak oil is now accepted as fact.
Now is the time for this country to decide what to do about peak oil. Conservation is key. Europe uses far less oil per capita than does the US. We can learn from them. R&D into renewable energy, hybrid vehicles, and smart electrical grids needs to be done on a huge basis. This would also have the side effect of creating new industries and new jobs. Obama has said his administration will spend $30 billion a year on such projects. Good.