Promise Keepers
Today, for the first time, I saw $4 gasoline here in Columbus, Ohio.
Apparently that’s nothin’:
As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supplies would rise as producers drilled for more oil.
But as prices flirt with $120 a barrel, many energy experts are becoming worried that neither seems to be happening. Higher prices have done little to suppress global demand or attract new production, and the resulting mismatch has sent oil prices ever higher.
… Experts expect prices above $4 a gallon this summer, and one analyst recently predicted that gasoline could reach $7 in the next four years.
Marty Jerome at wired.com says:
This ain’t a bubble, folks. Better get used to it.
To most of us, this may seem like bad news. But I think the Republican Party may promote the silver lining.
