How many times, over several decades, have we Americans reacted to high world oil prices and supply disruptions by resolving to become “oil independent”?
We increase the miles per gallon our cars get, and we spend lots of tax dollars to promote “alternative fuels” – some of which cause their own problems – to become less dependent on other nations. But when pressures ease, our determination to act eases, too. And we even put vast domestic oil supplies off limits for shaky environmental reasons.
Well, here we are again. Thousands of miles separate the United States from the wildly troubled Middle East – but serious unrest in the Middle East is separating Americans from a lot of the dollars in our pocketbooks.
That’s because we Americans are big users of gasoline. And the Middle East and North Africa produce 29 percent of the world’s oil. The trouble is, many of the nations in that area are autocratic or unstable. And while Europe is most heavily dependent upon oil from that region, supply there affects prices throughout the world.
Of course, there is, and should be, intense concern for the people of Libya in particular, as many have been gunned down by their government for demanding greater liberty. But in the midst of America’s economic crisis, it is not inappropriate to point out that skyrocketing fuel prices are harming millions of people who are unemployed or who are otherwise struggling to make ends meet.
Disruptions in Libya alone are cutting world oil supplies by three-quarters of a million barrels a day. And oil prices in recent days have fluctuated from just above $97 to more than $103 for a 42-gallon barrel. Watch the signs at our local gas stations and you will see prices above $3 per gallon – and rising fast.
So when you fill up your car’s gas tank next time – and fork over more money – consider what you believe we should do to avoid price and supply problems in the future.