Oil hit another record high today, $119.10, and it shows no sign of dropping. People are seeing what an awesome investment oil futures are, and despite the skyrocketing price, demand remains steady. Our world economy runs on oil, and investors are starting to realize that, for now at least, no matter how high the price goes, it will still sell. I still need to drive to work, to the store, etc., and I cannot stop because gas is $3.60 a gallon.
But for anyone who has fear of Global Warming, this should be the best news possible. As oil prices climb, people will have no choice but to switch to more efficient technologies (i.e. smaller cars, hybrids). The rising price of oil is doing what no amount of global warming alarmism could possibly do.
This process will take some time though. With the economy slowing, the dollar weakening, and gas taking an ever growing chunk out of your paycheck, it will take a while for people to adapt their lifestyles to this new energy landscape. Of course, once they do, the price of oil will come back down as demand slackens.
The market works efficiently when there is competition. Up until now, oil was the cheapest game in town, and thus had no competition. As it becomes increasingly unaffordable, alternative technologies are being developed to finally give oil a run for its money. This is good, people.
Oh, and if you want to help reduce greenhouse gases AND make money, buy oil futures. You're welcome.