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Article: High oil prices have benefits.(Local)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- February 10, 2006
CopyrightCOPYRIGHT 2006 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: STEVE A. YETIV
By Steve A. Yetiv
From Wall Street to Main Street, people hate high oil prices because they cause economic pain. But like coffee, red wine and perhaps even chocolate, high oil prices can do some good, too.
Current energy legislation, which was passed by Congress and signed by President Bush in August 2005, moved America in the right direction, but it has a core weakness.
This legislation, like Bush's vision of oil independence laid out in his recent State of the Union speech, fails to do what higher oil prices can accomplish: decrease oil consumption in the transportation sector, where 70 percent of oil is used, ...
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