Yet, with a certain detachment from the immediate pain, there's a case to
be made for why $100 oil is good for everyone. Like the old remedy castor
oil, it's hard to stomach, but it's good for us.
For one, it will hasten the development of more fuel-efficient vehicles,
because -- even if Congress fails to require them -- consumers will demand
them. It will also give confidence to investors otherwise reluctant to
bankroll new technologies and the infrastructure needed to diversify our
portfolio of transportation fuels and vehicles.
In short, $100 oil will do what we, as a nation, have failed to do since
the last oil crisis, in 1970's: reduce our dependence on foreign oil, and
reduce the growth of our greenhouse gas emissions.