One of the explanations given for the surge in oil prices is the fact that we're now competing with China for this natural resource.
And it is true that China's rapid growth as an economic force has been truly eye-popping. Its 1.3 billion citizens are moving quickly into becoming a strong, capable middle class, with a purchasing power that will most likely go unrivaled.
But it is not, however, the competition for oil that should be our main focus, but China's commitment to bringing renewable and sustainable energy into overall energy policy. According to the Worldwatch Institute, China is committed to obtaining 15% of its energy from renewables by 2020, and by 2050, this figure could possibly reach 30%. Considering that the country is currently powered by coal, oil, and nuclear power, this is quite a remarkable change in strategy.
The point is that China, though not a utopian society by a long shot, has the long-term goal of sustaining itself through modern means, and that is something to not only monitor, but emulate. Because if we don't adopt this same long-term approach, it will be more than oil we'll have to worry about--it will be our nation's economic health.
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