COMMENTARY FROM THE WALL STREET JOURNAL

HEAD: The Market Is Responding to the Oil Shock

By ROD HUNTER, senior fellow at the Hudson Institute, and former senior
director at the National Security Council under President George W. Bush,
responsible for international economics.

The leaders of the G-8 and of major developing countries will discuss how to
respond to energy security and climate change tomorrow. Their first instinct
will likely be to propose new regulations. Yet MARKET FORCES may already be
solving these problems, as high oil prices drive a shift away from the
polluting, petroleum-fueled internal combustion engine to cleaner forms of
transportation.

That's a change worth cheering, even if oil prices are painful in the
meantime. Oil is the United States' principal transportation fuel, and the
source of a third of the country's greenhouse gas emissions. Other major
countries are similarly dependent on oil for transportation. As prices have
risen, worries about energy security and long-term climate effects have
reached a fever pitch.

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