The $150 oil shock might be exactly what our future needs

A crisis in the Strait of Hormuz is terrifying. But what if expensive oil isn’t a bug in the transition to a green, knowledge-based economy, but a feature?

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The oil markets are rattled. Iran’s closure of the Strait of Hormuz—through which a fifth of the world’s oil flows—have sent prices toward $90 a barrel, with Qatar’s energy minister warning they could hit $150 within weeks. Energy analysts are invoking “the mother of all disaster scenarios.” Commentators are drawing comparisons to the 1970s. The mood is........

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