[Ok-sus] Expect $5/gallon gasoline by year end.
bwaldrop at cox.net
Thu Feb 16 22:10:39 CST 2012
Considering what happened the last time gasoline prices headed this high (2008), folks had best rig for stormy weather later this year.
Bob Waldrop, OKC
Video of a spirited debate on peak oil between John Hofmeister (Shell) and Ted Patzek (University of Texas and ASPO-USA).
The former president of Shell Oil Company debated Tad Patzek, Chair, Dept. of Petroleum Engineering, University of Texas on Feb 14 at the University of Wisconsin – Madison. The subject was: "The World Oil Supply: Looming Crisis or New Abundance?"
Gasoline will hit $5 per gallon this year predicts John Hofmeister, former president of Shell Oil Company, the U.S. subsidiary of Royal Dutch Shell. He points to rising demand by developing countries, especially China and India, and says that the recent increase in U.S. oil supply rates and decrease in demand is not enough to offset global trends, and that prices will continue to creep upward, unless there are major changes in public policy to substantially increase domestic U.S. supply.
Gasoline prices could suddenly spike even higher, and though increases in U.S. domestic supply may be important, no realistic U.S. increase will offset declining yields from other nations, according to Professor Tadeusz Patzek, chair of the Department of Petroleum and Geosystems Engineering at the University of Texas at Austin and Vice-President of the ASPO-USA Board of Directors. He highlights that declining output from most oil-exporting nations over the past decade, in the face of rising global demand, is likely to create a lasting drop-off in global availability of oil-spelling serious consequences for all oil-importing nations, including the United States.
Read more and view the debate at link above.
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