CARPE DIEM: Why $100+ Per Barrel Oil is a Godsend

From Holman Jenkins in today’s WSJ “What’s Right With Gas Prices”:

“Ironically, the best therapy [for higher oil prices] is a higher oil price. It makes it profitable to bring into production more costly resources around the world. The rise in recent years to $100-plus a barrel is a godsend. Peak oil theorists are being refuted; so are greenies who imagined a towering oil price would usher in a carbon-free future. The opposite is seen to be true. Oil sands, shale hydrocarbons and even biofuels have been made profitable with existing technology, and of course technology can be counted on to advance. CARPE DIEM: Why $100+ Per Barrel Oil is a Godsend