Gas prices are rising, at this rate, the average price of gasoline in the USA will rise from $4 per gallon to $10 per gallon in less than seven years.
Oil prices are also rising, and if they continue going up at this rate, will be $1,000 per barrel within 10 years.
What is causing gasoline, diesel, propane, fuel oil, petroleum and oil prices to rise so quickly?
The answer is that demand is increasing all over the world, everywhere, but at the same time, world oil supply is NOT increasing. In fact, world oil supply was “stuck” at under 85 million barrels per day for over three years.
We may be at peak oil. The economic impacts we have seen may just be the beginning.
Using his renown “Peak Oil in Five Slides”, Aaron Wissner explains what is going on, and how rising prices are related to stagnant oil supply.
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This video comes from “The International Conference on Peak Oil and Climate Change: Paths to Sustainability”.
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Magnum Hunter CEO Gary Evans weighs in on the state of the oil industry.
Feb. 17 (Bloomberg) — Stephen Schork, president of Schork Group Inc., talks with Bloombergs Lori Rothman about the outlook for crude oil prices. (Source: Bloomberg)
As the nation’s struggling economy surpasses the war in Iraq as the biggest concern for most Americans, it is time for Congress to make a serious decision on the issue of domestic drilling in ANWR and offshore oil reserves. The widespread call to end the 1981 moratorium on offshore drilling coupled with a decision to drill in the ANWR region could significantly reduce our dependency on foreign oil. Here is why this is one of the most pressing issues of our time, and what can be done now to solve it…
Learn about the Oil and Gas drilling process with EEI.
Is the oil beginning to run out? Shot over 4 years in 13 countries this film uncovers the myths surrounding the future of world oil supplies. Filmmaker, Andrew Evans lifts the lid on the so called Peak Oil theory, whether oil production is about to fall. He travels to the Middle East to find out how much oil they really have, exposing evidence that they may be exaggerating by up to 50%.
Chapter 17b – Energy Budgeting (1 of 2): Petroleum has supplied the surplus energy that has allowed for social complexity, industrialization, and the modern conveniences that we enjoy. In this chapter, Dr. Chris Martenson explains that in the future our supply of surplus energy will decline due to the fact that increasing amounts of energy will be required to produce new energy. When poor net energy (ERoEI) returns are paired with peak oil production, it points to a return to a less complex society.
(1/27/10) Barack Obama–State of the Union: “To create more of these clean energy jobs, we need more production, more efficiency, more incentives. That means building a new generation of safe, clean nuclear power plants in this country. It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies.”
Antonia Juhasz, associate fellow with the Institute for Policy Studies, a fellow with Oil Change International, and a senior analyst for Foreign Policy In Focus