Rising Oil Prices - A Good Thing Perhaps?

The current oil crisis has caused much trouble throughout the world as it wrecks havoc on the financial markets. It has been vilified for causing inflation in a time where economic growth is slowing down in many countries. However, could this oil crisis actually be a good thing for all of us, especially in the long run?

A commodity that basically drives the growth of all industrial countries of the world, oil now forms the keystone which affects the world’s economy in the foreseeable future.
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Texas oil regulators approve expenditure

Texas energy regulators, trying to cope with the biggest oil boom in decades, dipped into an environmental cleanup account Tuesday so they can whittle down a backlog of well permit requests and expand drilling.

The Texas Railroad Commission voted unanimously to tap up to $750,000 from the Oil Field Cleanup Fund, an account normally used to plug abandoned wells and remediate contaminated drilling sites. The money in the account comes largely from industry permit fees.
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