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I would add that our stateside refining capacity is diminishing, and there is uncertainty in the oil producing sector of our economy. In essence, production improvement in this sector will be well behind the demand curve. Oil consumption by this nation will grow simply because there is no affordable alternative to the internal combustion engine in the near term.
Five dollar gasoline may put a damper on any economic recovery that may be in our future.
With problems in the Man Made Global Warming debate, the left is left with some problems.
George Soros WANTS to move technology forward to the world off of carbon based fuel.
If AGW fades, he stands to lose way too much both in dollars (or Euros) and in political position.
So, the fall back position is to make carbon based fuels too expensive. Period.
And he can do it. And I believe the spike we saw in 2008 was caused in large part by him. It helped push the Democrats over the top in the last election.
Americans are walking barrels of oil...if we could only figure out a way to get that fat out and process it into biofuel... Maybe a machine that sucks it out while we sleep, ferments it and pipes it right into the garage...
A rapidly expanding population of consumers for a limited finite resource ensure that the price will climb well beyond $5/gal at some point.
I believe there is total agreement that America needs to get off the foreign oil teat. But there needs to be a bridge from almost total dependence on fossil fuel to independence from fossil fuel. So far, I've not seen that bridge. There's been some rhetoric, but no concrete plan.
Before there is sticker shock at the pump, there needs to be a plan in place to lessen the impact of high priced fuel on our economy. Apparently we didn't learn anything from the impact fuel prices had on the economy a couple years ago.
Peak oil is another myth and scam. There is plenty of oil to supply world demand. Want more oil, drill.
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Gasoline is Going to $5 a gallon
