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High oil prices will certainly cause short term pain for all of us, but it is the greatest incentive for the development of new technologies, bottom line.
When gas was $1.55/gallon corporations were not investing in the development of long life batteries, fuel cells, nuke power, etc... They are now.
I believe we need to have a massive two prong approach of 1.) drilling now to try and keep supplies higher, 2.) going full speed ahead on new energy methods that will allow the world to leave fossil fuels behind.
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