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Volatile energy costs a double-edged sword: high prices spur innovation, low prices spell laissez-faire attitudes.

Publication: Westchester County Business Journal
Publication Date: 26-SEP-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Volatile energy costs a double-edged sword: high prices spur innovation, low prices spell laissez-faire attitudes.(real ESTATE UPDATE)

Article Excerpt
The current bout with high energy prices could restart demand for greater efficiencies in everything from automobiles to home heating and air conditioning systems to office-building design. But only if those prices remain high. Declining energy prices could result in a continuation of the country's unlearned lessons of 30 years ago when crude oil prices doubled to $14 a barrel, creating the nation's first energy crises.

The problem since then, said Nicholas Perna, a Ridgefield, Conn.-based economist, is that crude oil prices began to undulate, rising and falling over the past three decades and creating disincentives for major investments in energy-saving autos, homes and offices. "Nobody wants to see volatility," he said. "It makes planning impossible."

"We would have had much more fuel-efficient cars, for example, if we had a smooth but inexorable...

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