The world oil price has risen rapidly and is very high today compared to the recent past, primarily because demand growth has been very rapid, and crude oil production capacity is constrained in the short run. |
There has to be a recognition (that) we need to address this even if it requires sacrifices by individuals on a daily basis. |
There seems to be no political traction for reducing demand. Consumers don't want to hear about making any changes from the plentiful gasoline of the 1990s. And unfortunately, short of colonizing the Middle East ... there isn't a way back to that. |
They are just the lucky beneficiaries of the tight world oil market. |
They continued to build and complete plants after it was clear the market was down. |
They make oil and they own oil, and the price of oil has gone up. Every barrel of oil they make is worth more. |
They make their money the same way you make money when you sell your house. |
This is not something that is going to go away quickly. Oil supplies are limited, and we're coming to grips with that. |
Unfortunately, sometimes you see big wealth transfers occur when something becomes scarce. |
We should be putting that money into research and development to improve the technology. |
We're swimming in gasoline right now. But this is not a sustainable level. |