From Popular Mechanics comes a reasoned, if breif, look at what the high oil prices mean.
It takes an economic look at events and does more than just the blind panic most articles dealing with "peak oil" mention.
Higher prices in oil will decrease demand which will ease some supply issues (and more efficiency and conservation), but more importantly they will make areas that used to be unprofitable worth looking into. It also spurs development to help extract more oil out of existing sources.
The third effect, obviously, is creating interest in alternative energy sources, and ones that may be viable.
It's a nice little article on energy situations.
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