The oil industry is enjoying the way that the global market is responding to the apparent supply of its product. Demand is off the charts; supply is under tight control. Prices have never been higher. So, what kind of regulation is insuring that all this market driven, supply and demand , response is on the up and up. I never hear much about regulating oil. I only hear about letting the market drive the price. What about production? What about refineries? What about manipulation?
Isn't it time to get it under control? First of all, I've convinced myself that any genuine effort to control energy will involve an entire mass transportation package. We've got to rid ourselves of the traffic mess and convert our primary mover of people and products from highway to rail. It will take a while and people will have to limit themselves to one car but I can't see that what we have now can last much longer. A ball park figure of costs in accidents and traffic jams is around 200 billion per year. Most would agree that driving really isn't fun.
Just as building and entire interstate highway system has stimulated the economy for decades, so could renewing and rebuilding the rails. Converting the auto industry to producing modern rail products might occur. However, getting a stubborn Congress to react to our transportation needs would mean bypassing existing lobbies. Actually we might need a President that could see into the future.
The cost of oil and the demand is directly related to our oil consumption. Our oil consumption is so high because of our choice to use automobiles(and trucks). We can dream about using other fuels such as a hydrogen but will that ever happen for the great percentage of autos on the road? More than likely the number of autos will increase, demand for oil will grow, production will kept at a level that means the price will continue to rise. We will continue to pay a higher amount for the product. The media keeps on selling $4 by this coming summer.
I've heard that the drillers in West Texas are doing well again. Wow! It's hard to believe. If you vote for right person anything can happen.