$5 per gallon gasoline is still in your future.
The Organization of Petroleum Exporting Countries (OPEC) isbeing chaired by Iran at the moment. And Iran thinks the run-up of the price of crude to over $90 a barrel is just dandy and requires no new OPEC meetings or adjustment of production quotas among members.
Meanwhile, the US is back to using 20 million barrels a day of petroleum, an increase of 4.4 percent over last year this time. The US, the superhog of gas hogs, uses nearly a fourth the world’s daily petroleum production despite having only a twentieth of the world’s population. Increased US demand, along with rapidly growing demand in Asia, helps account for the relatively high petroleum prices. Some analysts think you could see another big run-up in oil prices in 2011 reminiscent of 2008, with gasoline prices going to $4 a gallon by this summer and then ultimately going on up to $5 a gallon.
That and everything that goes with it will be re-run from 2008. You remember that time, when the whole country gathered around the national dining room table to contemplate living closer to work, buying lighter cars and building trains? Me neither.
And good to remember that as some will scream bloody murder at $4 gas, others would be relieved at such a bargain. Evil relativism. Good thing we just elected a bunch of know-nothings deciders to lead us on all this important stuff, i.e., we’re so screwed.