OPEC+ has announced a cut in oil production to “stabilize the market.” Skeptics believe it’s about driving up the cost and maximizing their profits. Predictably, oil prices soared – threatening to boost inflation (as the Fed struggles to adjust interest rates to limit price increases without triggering a recession).
Years ago, President George W. Bush warned us about our “addiction to oil.” The longer we depend on petroleum to power our cars, trucks, buses, tractors, and heavy equipment, the more vulnerable we’ll be. The U.S. uses more petroleum than it produces, and our need to import petroleum will persist. Addressing the situation by increasing domestic petroleum production won’t work – current demand is high and may continue to grow. It could take years to extract our more costly petroleum from currently undeveloped U.S. oil fields, and we lack sufficient refining capacity.
Here’s another concern. Previous erroneous assessments notwithstanding, the world’s petroleum reserves (a non-renewable resource) may last another 50 years at current consumption rates. Gasoline prices will skyrocket long before then, as demand outstrips supply.
Our political leaders, industry, and U.S. citizens must act now to secure our energy future. We must ignore the short-sighted calls for more drilling and begin the transition to electric vehicles, green hydrogen, and other forms of clean, sustainable energy.
Morton J. Rubenstein, M.D., Citizens’ Climate Lobby, Harrisburg Chapter
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