Oil crosses $108 a barrel - which means $4 plus a gallon gas sooner than expected
Submitted by Transition Town... on April 4, 2011 - 2:31am
Oil crossed the $108 a barrel mark this weekend.
http://www.bloomberg.com/energy/
You are probably thinking the sudden jump in oil prices is all due to miseast turmoil. amirite?
No, experts were predicting oil prices this high back in midwinter, and gasoline prices of $4 a gallen this summer, well before the spring of rage in the mideast started.
Middle east revolutions mean that gasoline prices may reach $4.50 by the fall - and fuel oil prices just as high this winter.
Is it time yet to start to think about how we will adapt to the coming age of expensive energy?
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Current oilprices
The risk of oil prices rising in 2012 is increasing amid the
threat of supply disruptions and shrinking spare capacity in
the Organization of Petroleum Exporting Countries, according
to Goldman Sachs Group Inc.“We continue to see a strong case
for crude oil fundamentals tightening further in 2012,” the
bank said in a research note today. Current oil use is so wide
that it has become the major fuel worldwide.
Current Oil Prices