Despite a recent rise in oil prices, they are still quite low compared to last year’s painful run-up. Our politicians, therefore, in their usual short-sighted wisdom, have decided that there is no urgency to pursue new oil. This will likely set us up for another price spike.
While low prices and excess capacity sound good, they could vanish like the morning dew. The long lead times, up to a decade for a new field, needed to expand capacity and replenish supplies should compel us to drill like there’s no tomorrow — for there might not be.
Oil will continue to be a big player in our energy mix no matter how many windmills we tilt at or how many clown cars we place in front of 18-wheelers on our interstates.