Sunday, April 27, 2008

Wow! How Scary!

HOUSTON -- A trip to the pump may make you want to scream.
"It'll be like $80, something like that. It's ridiculous,” yelled a frustrated motorist as he filled his tank.
Hope he saved his vocal cords. Get this:
"Probably about $4.20 by summer. And prices continue to escalate,” said global oil analyst Jeff Rubin.
He is the chief economist for CIBC World Markets. In 2000, he predicted oil would be $50 a barrel by 2005.
That proved true.
He predicted $100 a barrel by the end of 2007. Once again, true.
Rubin's take on the future of oil?
"About $225 a barrel by 2012,” he said.
That would mean gas as high as $10 dollars a gallon within four years.
Cade Bernsen thought his $85 for a tank on Friday was bad. Try $230.
"Dude. That is crazy! I mean that is wild,” said Bernsen. “That's getting close to like monthly rent."
Pump prices pushed that high would likely have far-reaching impacts, such as increases in price for anything that has to be transported -- Virtually all goods.
So what can we do?
"It's going to take the American people to stand up and say enough is enough,” suggested driver Rodney Randle.
"We've got to find another way of living. That is the hardest part of the whole thing,” said motorist Carmen Wong. “And nobody understands that."
That's a start, but the current problems are something Americans are not used to -- problems that are out of their control.
"What is driving the bus is consumption in oil producing countries themselves because of the massive price subsidies, and rapidly industrializing countries,” said Rubin.

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