By Robert J. Samuelson
Investor's Business Daily
February 9, 2011
The Age of Oil continues; we need to deal with it.
The upheaval in Egypt reminds us of lessons that, despite decades of warnings, Americans have consistently sidestepped: the United States and the rest of the world will depend on oil for the indefinite future; global oil markets remain hostage to political crises that cannot be predicted or controlled; and we have not taken the prudent steps that would reduce — though not eliminate — our vulnerability to catastrophic oil interruptions.
Just what Egypt's crisis will do to oil markets is, as yet, unclear. Driven by cold weather and strong demand from developing countries, oil prices were already increasing before Egyptians took to the streets.