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By Peter Verhoeff Several factors are contributing to the recent surge in the price of oil to more than double what it was a few years ago. One of these factors is the increased demand from heavily populated countries like China and India where more and more people are able to afford motor vehicles, along with the burgeoning industrial demands for energy.
Another factor is the political instability of many of the oil producing nations, which reduces the availability of oil on the world market. In fact, according to an article, titled "Blood Barrels", in the May/June 2008 issue of "Foreign Affairs", the author makes the case that the political stability of many oil producing nations is actually undermined by oil exports, due to increased corruption and other undesirable consequences of the sudden wealth increase.
A third factor is that the value of the dollar has dropped in relation to other currencies, such as the euro and the Swiss franc. This has driven the price of oil up, as it is valued in US dollars. With gasoline prices approaching five dollars per gallon in many parts of the U.S., there is an added incentive to find ways to reduce the price Americans are paying to quench their thirst for oil.
Recently, President Bush stated that while alternative energy is the only long-term solution to our energy crisis, Congress should open up exploration of currently off-limits off-shore oil fields, such as the California and Florida coastal waters and thus provide short-term relief.
This may seem like a quick fix to a serious problem, but according to a Newsday editorial, a federal government analysis found that any new off-shore drilling would take at least a decade to bear fruit. Not to mention the hazards of possible oil spills to marine life, such as occurred off the coast of Santa Barbara in 1969.
However, Investor's Business Daily argued that oil prices are set by commodity traders and that if the federal government were to announce it would open up new promising oil fields for exploration, the price of crude oil would plummet right away.
Off-shore oil exploration might bear fruit in the future and improvements in drilling technology would greatly reduce the risk of harmful oil spills. However, it can only defer an oil-scarce future. Indeed, renewable alternative energy sources will be needed to meet worldwide long-term energy demands. Meanwhile, a more effective use of available fossil fuels will help to balance supply and demand.
One company that promotes greater energy efficiency is Biofriendly Corporation, whose Green Plus® liquid fuel catalyst provides a cleaner, more linear burn of fuel in internal combustion engines, resulting in reduced harmful emissions, increased torque and improved fuel efficiency.
For more information about Green Plus, visit the Biofriendly site.
Author, Peter Verhoeff, contributes articles on environmental issues for Biofriendly Corporation. More information on these and other topics can be found on the Biofriendly site. Article Source: http://www.free-articles-zone.com/author/3295
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