Oil prices continue to rise

The question now is whether we have hit a critical cost or not. Some suggest consumers won't significantly change their habits until it crosses $100, followed by $120 per barrel but time will tell. What this ought to be doing is pushing Washington to step up plans to develop alternative energies because we will not figure this out over night and need to be serious about this before the problems become more painful.

Biofuels may or may not be the answer though in their current form, they are triggering too many problems such as the high cost of corn and threaten the food source for too many poor around the world. There is no reason to be forced into one solution or another because there are many options to explore, but we need to help entrepreneurs explore those options now.

UPDATE: Overseas trading has oil approaching $88 per barrel today.