High Oil Prices are Good

High prices cause people to consume less oil. This means more of a push for renewable energy and less energy-intensive products and services:

Mass transit systems around the country are seeing standing-room-only crowds on bus lines where seats were once easy to come by. Parking lots at many bus and light rail stations are suddenly overflowing, with commuters in some towns risking a ticket or tow by parking on nearby grassy areas and in vacant lots.

“In almost every transit system I talk to, we’re seeing very high rates of growth the last few months,” said William W. Millar, president of the American Public Transportation Association.

“It’s very clear that a significant portion of the increase in transit use is directly caused by people who are looking for alternatives to paying $3.50 a gallon for gas.”

With any luck, higher prices will encourage investment in more infrastructure. Many people shun investment in public transportation because it is perceived to come with a steep price tag, and, because it serves the public, is something that a large majority of people have to agree to fund (or else their elected officials who make those decisions will soon find themselves out of work). Furthermore, with public transportation people have to give up a certain degree of control that comes with private transportation (i.e. you can buy the car you want and drive it to the exact location you want in privacy, comforts that you relinquish with public transportation). However, the cost of public transportation in both dollars and carbon footprint is vastly cheaper than the sum of private transportation, and it comes with so many related benefits.

Things are scarce. Being less wasteful and more efficient are good things. Let's hope voters and their elected officials seize the initiative and build some infrastructure.