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Originally Posted by Brutha  I don't really think that oil is to expensive.
A high oil price that hurts enough to let people shift their energy use is a good thing. |
If oil had hit $100/barrel and stayed there, I'd agree with you. $100 had a psychological impact, and was enough to prompt serious interest in alternatives.
With oil poised to hit $150-$200/barrel in the next year, there is a real danger of throttling the global economy. Increased fertilizer and transportation costs will continue to drive up food prices. There are many people living a bare subsistence lifestyle as it is, with no economic breathing room to absorb higher food costs, and millions could starve.
Widespread famine throughout the developing world would also lead to widespread political unrest and war, compounding the problem --- not a pretty picture.