The Washington Post Discovers Market Forces

High prices for crude oil will inspire the private sector to improve fuel efficiency for cars and to develop new energy sources.

The Washington Post says so.

Energy companies now have ample incentive to bring new supplies to market: The three major U.S. oil companies are projected to increase spending on exploration and development by 30 percent this year. Consumers have ample incentive to drive less and buy more-efficient vehicles: Last year they bought a record 200,000 vehicles powered by clean diesel or hybrid motors. Anyone who remembers the furious arguments of the 1990s, when Congress resisted an energy tax that would have raised gas prices by a few cents per gallon, can only marvel at the can-do spirit of the market. While politicians dithered, the invisible hand worked.