The price of oil reached a record high of $147 on July 11, 2008. Could such a sharp, unexpected spike occur again?
Could the Middle East’s dispute involving Qatar and several of its neighbors lead to higher prices at a pump near you? Absolutely. Read more
OPEC has cried wolf again, but there’s reason to believe that this time, the cartel is serious about constricting oil production. Which, of course, will send the price — and thus the price of gasoline — upward. And there’s nothing American drivers will be able to do about it.
John Hofmeister went on CNBC on Thursday to talk about the current and future price of oil, and he gave viewers more to think about when he elevated the discussion to include the need for alternatives to meet the world’s growing appetite for transportation fuel.
Media organizations and analysts who follow the oil industry have been playing their sad fiddles for companies that once posted jaw-dropping profits. Stories seldom focus on the global benefit that low oil (and gasoline prices) provide to consumers, who have enjoyed a $3 trillion “transfer of wealth” since oil was at $115 two summers ago. Read more
And boy, are there a lot of fools.
We hope you’re enjoying cheap gasoline for the holidays. Because the party will end sooner or later, and the hangover will be a doozy.