Electric Car - The Market Is Responding to the Oil Shock By...

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The Market Is Responding to the Oil Shock By ROD HUNTER July 8, 2008; Page A19 The leaders of the G-8 and of major developing countries will discuss how to respond to energy security and climate change tomorrow. Their first instinct will likely be to propose new regulations. Yet market forces may already be solving these problems, as high oil prices drive a shift away from the polluting, petroleum-fueled internal combustion engine to cleaner forms of transportation. That's a change worth cheering, even if oil prices are painful in the meantime. Oil is the United States' principal transportation fuel, and the source of a third of the country's greenhouse gas emissions. Other major countries are similarly dependent on oil for transportation. As prices have risen, worries about energy security and long-term climate effects have reached a fever pitch. History teaches that innovation directed by markets can solve problems such as these. In New York at the end of the 19th century, horses were the main form of transport – and a major source of pollution. As many as 200,000 horses each produced 15 to 35 pounds of manure per day. Manure piles along the roads and in stables produced vast numbers of flies, an important vector
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This note was uploaded on 05/01/2011 for the course ECON 2100 taught by Professor Darrinv.gulla during the Summer '08 term at Morehouse.

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Electric Car - The Market Is Responding to the Oil Shock By...

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