Why High Gas Prices can be Good for the Environment

Amiel Blajchman — Fri, 08 Aug 2008 07:01:50 +0000

With the recent dropping of crude oil prices to below $120 a barrel, there are sighs of relief on both sides of the aisle. But is that a good thing if you’re perhaps a bit more environmental-leaning?

Recently, Canadian investment bank BMO Nesbitt Burns’ deputy chief economist has suggested that high gas prices are making a difference in commuting behaviour. According to a note from Statistics Canada, service station receipts went up by 2.4% in May, while gasoline prices grew more than 3 times that: 8.8%. This suggests pretty strongly that high gas prices have induced commuters to change their driving behaviours. People are starting to leave their cars at home and taking public transit, working compressed workweeks or just carpooling. Anything that might allow them to save on fuel costs.

Poll: Americans Don’t Think More Drilling Will Lower Gas Prices

Timothy B. Hurst — Fri, 25 Jul 2008 16:13:28 +0000

The American public is not buying the arguments of President Bush and the oil industry that new drilling will lower gas prices, a new poll finds.¹ Conducted over the last week by Belden Russonello and Stewart, the poll finds that despite the recent push to convince lawmakers to open the Arctic National Wildlife Refuge and the Outer Continental Shelf to drilling, and to allow new oil shale projects in the Rocky Mountain West, a majority (54%) of Americans do not see more drilling as a solution to high gas prices.

In fact, the poll finds, the public overwhelmingly believes (76% to 19%) that policymakers should focus on investing in new energy technologies including renewable fuels and more efficient vehicles rather than expanding exploration and drilling for more oil.

When asked the question: “Looking to the future, which one of the following do you think should be a more important priority for government: Investing in new energy technology including renewable fuels and more efficient automobiles, or expanding exploration and drilling for more oil?”, more than three-quarters of respondents favored new technology and renewables.

Green Options » price of crude oil

Why High Gas Prices can be Good for the Environment

Poll: Americans Don’t Think More Drilling Will Lower Gas Prices