Black Friday Versus Black Gold

Monday, November 19, 2012

By Gal Sitty, reprinted from Fuel Freedom.

You know how on Black Friday, the notorious shopping day after Thanksgiving, some people camp out in front of the stores that are offering amazing deals to burst inside as soon as the doors open, sometimes trampling fellow shoppers or store employees? Shoppers tend to become frantic because there is a very limited supply of the items they really want at a cheap price. The demand for these items can become very intense; there have been instances of violence, sometimes resulting in injuries and even a few reported deaths.

This may sound crazy, but our dependency on oil really isn’t much different than a Black Friday shopper’s need for discounted merchandise. Like Black Friday deals, there is a limited supply of cheap oil and a huge demand for the commodity. The excessive demand is mainly due to our dependence on oil for our transportation needs, and we need to transport things in order to have a functioning economy. In fact, this actually makes us more desperate than Black Friday shoppers who can (technically) continue to live normal lives without those notorious post-Thanksgiving steals.

Now think what would happen to the average Black Friday shopper in the absence of the highly anticipated deals. They would undoubtedly be forced to cut back on the quantity, or quality, of the holiday presents they planned to buy, spend more money on their shopping or cut their budget for other items, such as groceries. In the case of oil, the “Black Friday” days of $35 a barrel are long gone and, as a result, most of us are either spending less on oil, or, more realistically, cutting back on other expenses.

Worse still is that the increased price of oil has caused the price of other necessary goods to increase as well. From rising food costs to airline travel, the increased cost of oil affects us far beyond the pump. As oil prices continue to rise, our desperation to secure the disappearing supply of affordable oil will also increase. The only way to avoid the devastating consequences of our oil dependency is to embrace replacement fuels. After all, consumer choice is the cornerstone of a properly functioning, free and competitive market place.

. . . 

After successful experiences in finance at Morgan Stanley and an AIG company, Gal Sitty continued to graduate school where he became the first person to receive a joint Master's in Public Policy from the University of Chicago and Tel Aviv University. There he excelled in research, analytics and communication in public policy. He then combined his academic achievements with his professional experiences to design and carry out successful grassroots fundraising and advocacy campaigns for which he received Congressional recognition for Outstanding Humanitarian Advocacy.


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