Wow! What a relief!! Oil has fallen about $35/barrel since it’s high point a month ago, and everybody's absolutely giddy over our “good fortune.”
Wait a minute. $111/barrel was the price when we started this blog – a level so unbelievably high we were moved to start blogging about Hawaii’s severe energy problem and renewable options, primarily ocean thermal energy conversion (OTEC).
This is what it feels like to be played like a violin – manipulated into feeling $111/barrel oil is “cheap.” It seems obvious now the manipulators simply overplayed their hand and approached $150 too quickly.
We don't do economic forecasting, but we’ll venture a WA-guess this is nothing more than a lull influenced by a modest reduction in miles driven and nervousness among the “maniputraders.”
World demand will escalate, supply will shrink and prices will blow past $150 before long. The imperative to replace fossil fuel as Hawaii’s energy source with solar photovoltaics, OTEC, wind, biofuels and the rest is as strong as ever. Enjoy the “cheap oil” while it lasts.
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3 comments:
Doug, Your post says it all. I linked to this from my site. David.
David, next time you come back to my blog, leave the URL for your site. Would like to read it.
Doug, I thought that I'd left the URL in the identity part leaving comments. Oh well, here it is:
www.crossingthethreshold.net
I follow your blog as my wife use to live on Maui.
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