The Price of Oil: Is it Really so High?

We're a spoiled bunch, let's face it. So perhaps a little historical perspective will help.

The fact is, oil is still relatively inexpensive. By one measure tracked by Dow Jones, we are still far from matching an April 1980 spike in US oil prices. The $39.50 per barrel price that month exceeds $90 in today's dollars.

Of course, there are economic issues on the horizon, and the article doesn't deny that. But the fact still remains that the situation is not nearly as bad as it has been in the past. China and India are starting to suck up a lot more resources as they develop and we've got to get used to the fact that we will not be the dominant force forever. And of course, we have to consider what we're willing to pay for.

"The same people who are complaining about gas prices don't blink when they pay $3.50 for a latte," he says. "That's different somehow."

Also, consider how expensive it is to buy water. You can get that for free, but people still buy bottled water for almost the same price they pay for gas. It's about the decisions we make and what we're willing to go without. Sadly, in America, that seems to be very little anymore.