The Campaign Update: High Prices for Oil and Gasoline Are the Energy Behind the Coming Red Wave

In an interview published at Forbes.com on Sunday, S&P Global Vice Chairman Dan Yergin, author of “The New Map,” says that “All the signs point upward for oil markets… There’s not a spigot to turn on that’s going to come pouring out oil.”

During an interview on CNBC’s “Squawk Box” on Friday, Amrita Sen, founder and director of research at Energy Aspects, echoed Yergin’s comments, saying she sees “no near-term respite” to the problem of high oil and gas prices, adding her belief that it could be a years-long phenomenon.

And that is the essence of the catastrophic energy fix in which the world finds itself in today. Sadly, these prices are no accident. As Yergin states in the interview, “The prices we are seeing now are the results of several years of decisions and non-decisions. This didn’t happen overnight.” He points not just to governmental decisions, but also pressures placed on the industry from the so-called ESG investor community to slow investments in the finding of new reserves.