The power of market adaptation illustrated.
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Nothing is forever, including oil and gas reserves, and gasoline prices are near $4 dollars per gallon in many parts of the country. There may be a point when supplies become limited and prices escalate, driving businesses and consumers to even greater efficiencies, electric vehicles, and other sources of energy such as renewables or modular nuclear plants. Yergin notes that the growth in world energy demand will be “greater than all the energy that the world consumed in 1970.” And 75 to 80 percent will still be carbon-based two decades from now.
“The globalization of demand may be shaping tomorrow’s needs,” writes Daniel Yergin. “But it is accompanied by a globalization of innovation.” The generation of knowledge and the application of science is now “a worldwide endeavor.”
This global resource base of knowledge and creativity is expanding, fueling insight and ingenuity that will lead to new solutions for the benefit of humanity. Peak oil or no peak oil, the future is neither bleak nor foreboding as long as markets, prices, and human creativity are allowed to function so as to cope with the challenges of the future.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?