Gas $7 Per Gallon in Four Years
by Lloyd Alter, Toronto on 04.25.08
Time to buy a bike: Gasoline prices in North America will soar over the next four years to $7.00, causing a massive jolt to the continent's manufacturing base not seen since the oil shocks of the 1970s, a leading economist is warning. Jeff Rubin of CIBC World Markets was laughed at three years ago when he predicted $ 100 per barrel oil, and now thinks it will climb to $225 in four years. (Houston Chronicle quotes him as saying gas will cost $10 per gallon) From the National Post:
"Stripping out natural gas liquids, oil production has not grown for over two years, which certainly goes a long way to explaining why oil prices have doubled over that period," Rubin said. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity."
Rubin predicts hybrids will go "from marketing and PR fluff to the core of car production." People will move closer to where they work. "I think there will be fewer people on the road in North America in five years than there is right now." ::Houston Chronicle and ::National Post
See also Stop Whining About Gas Prices and Truckers to Protest High Gas Prices
If I was a betting man - all my money would be on Jeff Rubin - the only thing is I think $7 a gallon gas will come sooner than four years from now.
Here is my take on it - Never running out of oil
Cheers - Eric - PickupPal.com
I think $10 gas can't come soon enough. We have to radically change our culture starting now if we have any hope of getting through the peak oil crash that has already started. The longer we wait, the more painful it will be for everyone. It's inevitable, there is nothing anyone can do to stop the crash. See the movie "A Crude Awakening" for a great explanation.
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Time to buy a bicycle is right, we've been saying this for years. It's hard to argue against using a vehicle that gets 600+ mpg equivalent, strengthens your body, lessens your risk of all sorts of diseases and saves you lots of money. Checkout Electric Bicycles
That is just about what we pay in my part of the world now, but i'm sure we will see an increase in price as well.
It's already more than $7 per gallon in other parts of the world - in New Zealand yesterday the prices were
Unleaded (91-octane) = 188.9c/L
Unleaded (98-octane) = 202.9c/L
Diesel = 156.9c/L
For you North Americans, that is $7.15, $7.68, and $5.94 per US fluid gallon, respectively.
$NZ - but then, we're earning $NZ.
[For a price comparison on other stuff, a cup of cafe coffee costs $3-$4, an 'average' house $350,000 to buy, a month's electricity bill about $100-$250 (summer to winter - that's what we pay, anyway), a salary of $100,000 is considered high/upper management, a salary of $30,000 is considered low/labourer/new graduate.]
It's only just starting to affect how much people drive their cars.
What great news you bring us! We need to have $10.00 dollar a gallon gas to shake this country out of apathy and to force our government to start addressing our impact on global climate change. Not just with words but deeds.
Actually fuel prices in the US are prob around $7-8 because of gov substitutes.
In sweden the gas prices is around 2.1 USD /liter , that means around 8USD/gallon. Though it doesnt have that much with the real "oil" price to do, mostly tax probably.
It looks like the prices are almost the same is in NZ.
But it is affecting the use of cars, the problem is though that the public transport system doesnt work that good except from in the larger cities.