I wonder how much of the current crisis, directly or otherwise was ultimately contributed to by higher petroleum prices. Certainly it contributed to the general economical malaise in the country. Not "actual" supply and demand driven pricing but that created by commodities market speculation. We all were wondering why the horrific price increases arose last year. "Experts" said, just basic supply and demand. If that were so, then how do they explain the major roller coaster ride in just months way up and way down. Demand didn't vary that much. It was just market speculation in large measure. Then some in the oil sector would say, until crude prices go above X we won't be able to do ... take your pick. How about mount acoustic blowout preventers?
Dolphins swim beneath the oil slick
From:
http://www.newser.com/
Despite this, we do use too much non-renewable energy, we do need to reduce our carbon footprint, we do need to aggressively and EFFECTIVELY pursue alternative energy sources, apparently we do need to beef up offshore drilling safety procedures and we need to stop adding to our deficit through excessive dependence on overseas oil supply.
What to do? It is going to take some leadership, unpopular to various groups over time too, cutting back for the entire country and a good deal more. Big Oil is a business like many others, look at all the effective banking reforms that have occurred in our country since the recession? Have there been ANY at least with near term needed benefit? Or are we ok with proceeding "business as usual?" We have some fundamental problems with making painful decisions for the common good, compelling our leadership to make them a reality. It can start at the grass roots, doesn't look like a watershed of change is coming anytime soon from the top.
Are we ready?