Rising Global Demand for Oil Provoking New Energy Crisis
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.
At the root of the stunning rise in the price of oil, up 56 percent this year and 365 percent in a decade, is a positive development: an unprecedented boom in the world economy.
Demand from China and India alone is expected to double in the next two decades as their economies continue to expand, with people there buying more cars and moving to cities to seek a way of life long taken for granted in the West.
- WE CANNOT AND SHOULD NOT LOWER THE DEMAND FOR ENERGY.
- WE CAN AND SHOULD TAKE ACTION TO INCREASE ENERGY SUPPLIES.
- WE HAVE HUGE OIL DEPOSITS OFF THE COASTS OF CALIFORNIA AND FLORIDA AND IN ALASKA. WE SHOULD DRILL AND RECOVER THIS OIL.
- AND WE SHOULD USE OUR VAST COAL DEPOSITS. AND BUILD MORE COAL-BURNING POWER-PLANTS AND NUCLEAR POWER PLANTS.
- THESE ACTIONS WILL REDUCE OUR DEPENDENCE ON FOREIGN ENERGY AND LOWER THE PRICE.
THE ONLY THING STANDING IN THE WAY OF US EXPLOITING THE OIL IN THESE REGIONS (AND US BUILDING MORE NUCLEAR POWER PLANTS AND MORE COAL-BURNING POWER PLANTS) IS THE DEMOCRAT PARTY.
REPEAT: THE ONLY THING BETWEEN US AND CHEAPER ENERGY AND A GROWING WORLD ECONOMY IS THE DEMOCRAT PARTY.
WE MUST DEFEAT THEM.
FOR THE CHILDREN.
A COMPLETE PICTURE OF CURRENT DEMOCRAT OBSTRUCTIONISM ON ENERGY HERE.
More here too.