I have the cover story this week in the dead-tree/living table TIME, on the future of oil (available here to subscribers). Gas prices have dominated the political conversation for weeks—at least until the Supreme Court started its health care hearings—and with the summer driving season just around the corner, the national obsession won’t be lift any time soon. Republicans and Democrats, oil executives and environmentalists have seized the opportunity to take potshots at each other, with one side claiming that more drilling will greatly ease the pain at the pump, and the other side arguing that energy efficiency and alternative energy are the only solutions. (I lean toward the latter.) The reason gas prices are so high, of course, is because oil itself is expensive, with Brent crude over $125 barrel. And that’s largely because oil markets are spooked over possible conflict with Iran, which could take one of the world’s major crude suppliers offline—and potentially block the Strait of Hormuz, through which 20% of the world’s oil flows.
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