As a result of an attack on a Japanese oil tanker in the Middle East, crude oil prices set a new record today, spiking above $117.40 a barrel. "The tanker, the 150,053-ton Takayama, was hit by an unspecified projectile during the attack early Monday morning" (Fackler)
This news ultimately benefits investement holders as they are making a profit off of this sudden, yet gradual spike. On the other hand, this rise in crude oil prices proves to be bad news for the average consumer. "Retail gasoline prices hit another milestone today, jumping to an average $3.50 a gallon at filling stations across the country" (Associated Press).
With retail gas prices constantly increasing, it is important to find and enforce new forms of alternative energy. Alternative energy, in my opinion, would most likely be cheaper and more affordable than gasoline. If gasoline prices continue to rise dramatically, consumers are going to look to other sources of fueling. With this being the case, why not take a turn towards a healthier environment and further investigate forms of alternative energy. Did you know that "Gas prices at the pump jumped more than a nickel over the weekend nationwide, and are up 23 percent from a year earlier," at this rate who knows how high they will be come summertime (Associated Press). It is important to recognize this problem and know that we have a way of working through said problem. Alternative energy allows us to use our everday resources, therefore it is cheaper than having to pay for crude oil.
I found an article that I believe to be very interesting, as it further discuses the idea of 'Crude Oil vs. Alternative Energy':
Sources:
http://www.iht.com/articles/2008/04/21/asia/22tanker.php
1 comment:
This is just so sad. I can't even believe how high the costs of gasoline. I was driving home the other day, and gas in Chicago was $4.13. It would be so awesome if there was some usable form of alternative energy that would help offset some of these costs, but I know there isn't really anything right now that is both easily accessible to the average consumer and feasibly produce-able.
Hopefully though, the main effect of these high gas prices will convince more people to ride their bikes!
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