Really now, how much more can we stand?
Ever since the Middle East became engulfed in revolution a few months ago, the price of oil has skyrocketed. Coming along with it on its nightmarish journey to the top are the costs of goods ranging from fruits to headphones as their transportation fees have become infinitely more expensive. The burden this places on merchants is then passed along to their costumers in the from of higher price tags. Of course, these costumers are already spending exorbitant amounts merely to fuel their respective automobiles in order to reach the store itself, leaving them hit with not one, but two gruesome sucker punches in quick succession.
Which, needless to say, brings us back to our original question; how much more can we stand? When will the cost of oil reach the point that our nation's economy becomes crippled as Americans can no longer afford to simply live their lives?
Before this can be answered, it must be asked why oil is currently at such inflated levels. Many will instantly point to the turmoil in the Middle East which I mentioned earlier, but I do not believe this to be the reason at all. One need look no further for evidence to support my opinion than British Petroleum's now-infamous rig spill last spring and summer. Despite the entire oil industry taking a severe hit because of this, gasoline prices actually went down throughout the latter half of 2010; a time in which any student of economics would have expected them to soar. Indeed, it was not until the strife in Egypt and Libya, particularly Libya, broke out that a frenzy was declared of such proportions that the cost of oil was essentially left with nowhere to go but up.
Obviously, this is a cleverly devised shell — pun fully intended — game which is being perpetrated by the world's major oil companies. The price of oil is rising and almost definitely shall continue to simply because it can; no more complex explanation is needed. However, the brunt of this unfolding madness can nonetheless be averted. How? Simple; by the implementation of capitalism, humankind's great equalizer. At this very moment, there are massive reserves of virtually untapped shale oil within the escarpments of Colorado, Wyoming, and Utah. These can be mined and their contents used for gasoline production in a relatively short period of time, greatly reducing our dependancy on foreign oil and making gasoline far more affordable, particularly in the long run. If various entrepreneurs and energy moguls were given serious incentives to explore all that shale oil has to offer, it is unquestionable that America would benefit immeasurably.