23 Jun '11, 6pm

Facing Facts: Only Transportation Choices Can Trump Oil Addiction

Facing Facts: Only Transportation Choices Can Trump Oil Addiction

As you've probably read or heard by now, the President and his staff have arranged through the International Energy Agency to release 60 million barrels of oil supply into the marketplace over the next month. While that sounds like a lot of oil -- and it is -- it's useful to keep in mind that the world consumes that much in just 18 hours . However, it is evidently having the desired effect, as reported by the Washington Post , and given the "up like a rocket, down like a feather" effect that supply and demand changes have on oil prices we are likely to see at least some price moderation moving forward. Assuming, that is, that OPEC nations don't see fit to flex their 40-percent-of-production monopolistic muscles and trump this move by the U.S. and the IEA, or that a pickup in demand doesn't trump it, or that some new event in the Middle East doesn't trump it, or... Predicta...

Full article: http://switchboard.nrdc.org/blogs/dlovaas/facing_facts_on...

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