Oil Punked

I read two convincing blog posts (here and here) today about oil exploration and future oil production. Both predict a dramatic increase in exploration, drilling, and production in the coming years.

While making a very good case that oil prices, at least temporarily, have peaked, both are depending on new production outstripping increasing demand and decreasing production from current oil fields. And perhaps that's true despite the convincing arguments of peak oilers. But I digress.

My point in this post is I hope these folks are wrong about peaking prices. I'm quite sympathetic to consumers that have to pay higher prices and strain budgets to keep functioning. But really, has anything but higher prices worked to spur alternative development and conservation? It's my contention that a fall-back in oil prices is a bad thing causing people, as in the 1970's, 80's and 90's to be seduced into thinking that the petroleum economy is a good thing. It most definitely is not. Our oil dependency has led to climate destruction, immoral wars, pollution and community disconnect. I've always advocated moving away from a petroeconomy on a measured basis via government intervention. But if that's not possible (and clearly it isn't), then price will have to do it.