This morning, I noticed that the local Marathon was selling gas for $1.99 a gallon. The nightmare of $4-a-gallon gas is finally over.
Or is it?!!
Although oil is below $60 a barrel right now, the demand for oil is only going to increase. The International Energy Agency foresees a 1.6% increase in demand per year for the next couple of decades, driving oil prices to $200 a barrel. That's about $8 a gallon for gas.
Moreover, oil is not a renewable resource. Oil production eventually reaches a peak where all the easily-accessible oil has been tapped, and oil companies have to drill in harder-to-reach places, at greater expense, for smaller and smaller reserves of oil.
Some experts say the peak happened in 2005.
Or is it?!!
Although oil is below $60 a barrel right now, the demand for oil is only going to increase. The International Energy Agency foresees a 1.6% increase in demand per year for the next couple of decades, driving oil prices to $200 a barrel. That's about $8 a gallon for gas.
Moreover, oil is not a renewable resource. Oil production eventually reaches a peak where all the easily-accessible oil has been tapped, and oil companies have to drill in harder-to-reach places, at greater expense, for smaller and smaller reserves of oil.
Some experts say the peak happened in 2005.
posted by Mark at 11/13/2008 12:42:00 PM
2 Comments:
I wonder if Quincy is working on a solar-powered car yet. Yea sunshine!!!
Yes, "Yea sunshine!" And what of the moon? If we could harness its motion it would pull lots of cars a long way before altering its orbit much. One moon-power being tried (I think) is that big pistons are floated on the ocean that the (moon-powered) tides slowly drive.
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