Some nifty information in this article, BUT, dont know if I can agree with the following:
"For those feeling the pain at the gas pumps, however, there is one piece of good news. Oil is unlikely to hit $147 a barrel again Ã¢â‚¬â€ at least not during the coming decades. The U.S. Energy Information Administration said on Wednesday that oil prices would likely rise to $110 a barrel by 2015 and $130 a barrel by 2030."
The bad news is that the above prediction does not include the inflationary impact on US $'s. And since that article was written two weeks ago, Kuwait has already announced they want $100 a barrel for their oil. Add some inflation/dollar devaluation, and we are at $115 in 2010. Given market sentiment chasing whatever it chases, and here we go again.
We in the US are not going to be able to control the price even with our decreased consuption, as other economies are using all the oil we dont use up. Many of those newer economies SUBSIDIZE the price of oil to keep their economy humming, since they spend little on defense or retirement. China is loaning BILLIONS to all Oil producing countries hurt by the 'low' oil prices. To be repaid in OIL at a future date, at approximately 14% interest.
Complicated dynamics, makes my brain hurt.
Vastly improved efficiencies for all of today's energy using U.S. products including houses, cars, all forms of transportation, public transit, appliances etc, conversion to Natural gas for fleet use, and use of plug-in Hybrids, appear to be a way to dull the pain.
Of course most of us already use plug in hybrids of a sort.
The world does not seem to realize that the significant reason for the economic meltdown was the unplanned drastic increase of petroleum energy. They still think that bad housing loans were the sole cause. along with a "goodtimes will never end" mentality, people using way too much gasolione to commute to low wage jobs.
Blaming medical bills on people getting sick too, but that already has its own thread.
Didn't wind power drive all the sea-gong exploration for over 300 years?
Anyway, since gasoline is already at $3/gal in california, 3.40 seems quite probable. Just the exact date is in question.
Labor day seems like an easy bet.