Now-a-days, Oil price is the last thing on people's mind, with an Election just over in the US, the economy in the dump, and theories about a very prolonged recession - which has even been compared to the Great Depression of the 1930s. Sure enough, it seems like almost no one remembers that oil prices were topping $147 just a few months ago... The commodity bubble has burst at last, and has dragged the price of Oil back into $50 range now.
So what now? Will the prices continue at $50? Obviously not. Once the downturn is over, the OPEC countries will actively seek their pound of flesh. So here is a golden chance for Obama to right many wrongs that were done earlier. Instead of seeking short term quick fixes for bumping up Oil production by offshore drilling or invading other countries, a comprehensive plan to rid America of its Oil addiction needs to be worked on.
Although the end of the cold war made the world a much safer place, it inevitably resulted in America losing its focus on Science & Technology. Ofcourse the top technology companies are still US-based ones, but they are private. And private companies tend to be short sighted for obvious reasons. And real technologies take time to mature and generate profits. It is the federal govt's responsibility to fund such long-term technologies, which will help tap into renewable resources.
The recession is showing at least some signs of waning, so once again a message from the Oil crisis is being lost. Renewable sources are the way to go, and still more research and funding into better batteries, solar power, etc is needed. Lets hope Obama does not lose sight of the future while trying to save the present.
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