So BP found has made a ‘giant’ new oil discovery in it’s Gulf of Mexico fields. Good timing for those oil and fuel prices that were starting to go up again, huh?
Well, I for one am not holding my breath for a stabilisation at the current prices of fuel. However, I really hoped that things were going to continue down the same road with reserves of oil and gas dwindling, and our consumption of said fuels holding steady. Humanity has made great strides in making greener flights, cars and consumer electronics. Whilst we’re not nearly enough there, innovation and technological progress in that area is the best way forward in lowering our dependence on oil.
Necessity is the mother of invention and I believe the continued progress we’ve been making could be stunted if yet more oil is found in ‘giant’ quantities. I’m not naive enough to think we could ever be 100% free from our oil habit, but Iike any alcoholic, I’d rather we knew we could do without it.
In all, I’d like to see oil prices come down as a result of low demand and not higher supply.