Kunstler: Oil Prices To Rise Sooner Than Later

The author of The Long Emergency, James Howard Kunstler (to learn more about the man, check out our interview with him), believes that this week's rejoicing over the falling gasoline prices in the US mass-media ("down 24 cents, average, to pre-hurricane levels") will soon be over. The reason is simple: "since the hurricanes shredded our Gulf of Mexico oil and gas capacity, Europe has been sending us 2 million barrels of crude oil and 'refined product' a day from its collective strategic petroleum reserve. [...] last week the International Energy Agency (IEA), Europe's energy security watchdog, declared that it would now end the 2 million barrel a day shipments to the US. [...] It will take a few weeks for the last of Europe's tankers to offload supplies and for the various fuels to work their way through the US fuels retail system. With US production and refining still crippled, we can look forward to watching the price of gasoline, heating oil, diesel and aviation fuel kick back up through Thanksgiving and on into the heart of the Christmas shopping season. At the same time, homeowners will be getting their first substantial heating bills of the season." ::Attention Deficit Nation, ::Grist Interviews Matthew Simmons on Peak Oil