American Opinion - On rising oil prices:
An excerpt from recent editorials in newspapers in the United States:
On rising oil prices:
Libyan unrest is fueling a sharp boost in U.S. pump prices. But beyond that immediate cause for concern lies a far more extended -- and ominous -- trend: Oil costs appear likely to keep rising over the coming decades as demand outpaces supply across the planet.
Consider this recent alarming statistic from Exxon's annual report: For every 100 barrels of oil it pumps above ground, it can now only find 95 to replenish the supply below ground. ...
Some Americans believe we can "drill, baby, drill" our way out of this dilemma.
Yes, expanded domestic oil production is warranted -- within prudent environmental bounds. Yet it offers no panacea. And overdue efforts for energy conservation and development of alternative energy sources also must play major roles in reducing our dependence on foreign oil -- and in minimizing the rise in energy costs.
Libyans' righteous rebellion against Col. Moammar Gadhafi's four-decade-plus rule of tyranny is currently boosting oil prices. However, that short-term upward force is negligible on the long-term scale compared to the fundamental economic forces -- for instance, the rapidly growing energy appetites of China and India -- that will keep elevating it. ...
So don't imagine that soaring oil prices are a temporary phenomenon -- or that the cost of wasting energy won't keep climbing.
-- The Post and Courier
of Charleston, S.C.