I’ve noted in the past that I think the price of oil is a bubble. Yes, consumption has increased in both China and India (two of the world’s most populated countries), but the increase in consumption doesn’t match the increase in price. There are several factors pushing the price up and those are noted in a great article in Wired Online called Get Used to It — Sky-High Oil Prices Are Here to Stay by Marty Jerome. The author must be pleased with the number of comments posted. Please read those for many additional great ideas and viewpoints.
What is great about this is that it will spur some quality energy changes in both utilization and technology. These changes will make the US stronger, especially when the next wave of innovation occurs starting in two years. What is the next innovation wave? Health Care!