From Nantucket to Riyadh: Dethroning Oil

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It doesn’t take an economist to notice the rumblings of historic change pushing close to the surface. Demand for oil is growing faster than supplies, so oil prices are moving to dizzying new highs every few days, threatening to transform the world. If this trend continues, much will have to change, not just in America, but everywhere. Americans use far more oil than anyone else, but China and India and the rest of the planet need fuel to pull their populations out of poverty. Every day that demand increases without a corresponding increase in supply. Economic pressure builds, making the […]

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