Over the past year, American drivers have found themselves longing for the days when two dollars per gallon seemed expensive. Oil prices are rising at an unprecedented rate, and as a result, many are questioning whether the Earth's available oil supply has reached its peak. Are there still oceans of oil awaiting our discovery? How much pain you'll be feeling at the pump in the future depends on the answer.
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Have We Reached Peak Oil?
prisoners dilemma and conservation
The arguments for peak oil are much more detailed and persuasive. Even the testimony of Ms. Furchtgott-Roth to Congress suggests that we are facing a long term problem with oil supplies. If there is not a debate about a protracted shortage and spiraling prices in oil, then perhaps the debate is about the finer points of when if ever there will be lasting price relief. In the meantime, action is indicated. What are the motives of the analysts and policy makers here? Unfortunately, the individual and group optimums are at odds. Its a prisoners dilemma. It makes sense that policy makers will want to keep the calm even as individuals in the know take action to protect themselves. Conservation seems like a strategy for common good, but even that may run counter to economic growth. The good news is that rising prices are forcing conservation upon us. Lets hope that short term policy designed to raise consumer confidence or cushion the inevitable does not derail efforts to conserve.
- dwtung July 14, 2008 9:21PM
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