Thursday, September 07, 2006
Alaska wildlife area remains center of drilling debate
How does this article illustrate the most fundamental economic problem? And how is the oil industry a classic example of a boom and bust sector in the economy? If we have falling oil prices, what could that plausibly lead to?
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I think we should be working towards moving away from the demand for oil. Drilling in Alaska only supplies a "need" which can be circumvented in a much more environmentally efficient way. The article says that the oil could be used to cushion the fluctuations in cost, most likely keeping the price down when it unexpectedly increases, but that would only allow consumers to continue to abuse oil supplies. The wildlife and ecosystems could be irreversibly damaged by the efforts to uncover the oil. Maybe the money funded for drilling could be transferred to efforts which would prevent a need to drill?
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