Hurrah! Oil Profits Are Up

Climbing oil prices contribute to higher costs for food and anything else that requires transport. But the higher prices also spark debate over oil dependence and the need for alternative fuels. People who want greater conservation and a cleaner environment should celebrate the high prices, argues Carl Mortished, because those change behavior. It’s no surprise that fossil fuels are a limited natural resource, and governments have known for decades that substitutes would be required for a product that contributes so much to the economy. Politicians who propose price controls or reduced taxes only delay the inevitable and Mortished concludes, “If you believe big oil is wrecking the planet, you should pray for higher prices and bigger profits.” Higher oil prices will do more than anything else to hurry along development of alternative fuels. – YaleGlobal