The Trend for the Price of Oil is Up
February 17, 2013 in EV News, Oil
There are many people in the United States that still believe there is an endless supply of oil at cheap prices, but we simply are not drilling for it. The truth is that much of the easy oil has been tapped, and the difficult and expensive oil remains. The amount of oil that could be found in protected areas would be rather meaningless in the grand scheme of things. The country needs to be realistic and to make a serious plan to move away from our dependence on oil. The economy is being held back by expensive gasoline, and this situation needs to be rectified.
The price of WTI oil would be much higher today if there was not a supply glut of oil at Cushing Oklahoma due to the limited pipeline infrastructure out of the shale oil fields. The price of Brent oil at $118 a barrel is a much better representation of the global market price for oil, not WTI. The media would most likely be covering this story in a more nationalistic tone if WTI oil was at parity with Brent.
Electric vehicles are here and available for purchase. I believe the nations that move first with electric vehicle adoption are going to do best in the coming decades. The oil market is going to get ever more expensive and problematic as supplies from the elephant oil fields around the world dwindle.