According to MSNBC, “Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income … that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.” Though prices have fallen since the announcement from Exxon on October 30th, the question is: How did the extreme inflation of oil prices get so out of hand? What role did that insane inflation play in the deflation of the world economy?
When you consider the delivery of food by the world’s food banks to those in need, most delivery methods involve petroleum fuel. The higher the fuel prices go, the less money there is to feed the same number of people.
American dependency on oil has reached a critical crossroad. Prices at the pump are falling because the demand has gone down as a result of fewer people having jobs. However, if the economy begins to improve, there will be an increased demand for oil and the world’s oil companies will take advantage once again. It is time to break the cycle of dependency that keeps us addicted to our gasoline fix. Another good reason for demanding alternative fuels is that fossil fuels are known to increase greenhouse gas concentrations in the atmosphere, further contributing to global warming. Michael Seibert, a biologist at the National Renewable Energy Laboratory in Golden, Colo., envisions pond scum as a possible source for bio-fuel. Whatever the new source of fuel finally is, now is the time to put our energies and research into renewable energy sources before we are held hostage at the pumps again. What are your thoughts?