It’s clear that demand for fossil fuels, especially light, sweet crude, is now beginning to outstrip the market’s ability to supply it. Whether or not this is truly an indication of peak oil or not, we have met a point where what has long been seen as an inelastic demand curve—American’s thirst for fossil-fuel-sourced energy—has met a global demand spike. [As someone who buys high-grade aluminum alloys and stainless steels as a part of his job, I can tell you that many commodities are really on the rise given the spectacular growth in Asia.]
With this in mind, there are many proposals afoot to enable drilling for crude oil in areas currently under legal protection from doing so: the Arctic National Wildlife Refuge, continental shelf areas in the Gulf of Mexico, etc. Is drilling for oil at these times most like:
- Printing your own money during a currency crunch.
- Teaching an alcoholic how to build a still when alcohol taxes go through the roof.
- Hammering your thumb to take your mind off of your leg being cut off.
- Fiddling while Rome burns.
Answer and discuss.