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This is one of those Good and Bad situations.
The Good:
Higher price means greater research for new energy products.
...means people will get smaller cars and pollute less.
...means use of less energy and less dependence on foreign oil.
...means electric cars will become a realality.
The Bad:
Higher price means all prices will go up, thus inflation.
...means job losses as businesses cut back to stay competitive.
...means possible recession as businesses stop spending.
...means we further transfer wealth to the Middle East.
So is it a celebration?
I'ts more like getting a root canal. You don't want to go through it, but you know it has to be done. Because, The alternatives are not good.
When it is all over it is great. But, nobody wants to through it.
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