High prices at the pump are here to stay for the near-future, OPEC decided to maintain current production levels. [AP]
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Thanks a lot, Saudi Arabia and other oil-producing nations. Guess you want another U.S. invasion!
It's for the better -- the higher the price at the pump, the more incentive there is to move to technologies not dependent on their product.
Exactly. For the first time....ever...Oil prices are high enough long enough for the market to create and be rewarded for alternative fuels. If Oil falls back to the 50's or 40's people will shut up and keep shooting the "crack" and there goes any chance of kicking the habit.
I just hope they can actually maintain their production as it is now. If you're aware of the peak oil crisis we're on the verge you would be too. They can't increase their production they're already producing the entire viable amount oil in existence. Note viable, this is why they're trying crazy plans to get oil from the shale oil or 20 miles undersea because we're out of new oil and our current production is all there is while need rises.
I've had to make a little life change to try to offset the cost of gas, and luckily it's all worked very well.
This summer I moved to another part of town (Decatur/Highlands Area in Atlanta to Sandy Springs/Dunwoody Area in Atlanta), which reduced my daily commute to work from 45 minutes to 5 minutes. Including an equivalent amount of tertiary travel, I'm saving about $200 a month on gas expenditure alone.
It's kinda funny that people make a stink about gas prices when there's a dramatic spike, but when it just creeps up nickel by nickel, the outcry pales in comparison. Sort of a frog in hot water kinda thing...
@darkened: we're not out of new oil. you obviously missed this recent story about brazil: [news.bbc.co.uk]
or this one about a u.s. find from last year: [news.bbc.co.uk]
some other "new oil" finds for you:
ghana (2007): [news.bbc.co.uk]
zambia (2006): [news.bbc.co.uk]
angola (2004): [news.bbc.co.uk]
india (2002 & another in 2004): [news.bbc.co.uk], [news.bbc.co.uk]
north sea (2002 & another in 2004): [news.bbc.co.uk], [news.bbc.co.uk]
oil companies are discovering more oil every day b/c their discovery technology is constantly improving. keep in mind that these discoveries, coupled with the opening of the caspian oil pipeline 2 years ago provides a wealth of oil for years. that doesn't mean we shouldn't manage our oil more actively or become less reliant (we should), but "peak oil" is not due to a lack of the resource. it's due to a projection of increased exponential demand that outpaces supply considerably over the next few decades.
if we can manage that demand, oil will never be scarce.
@mac-phisto: Ahh, but demand management is something, as a society, we are very very bad at as a whole...
Noooooooo!
I want to see $6/gal at the pump.
Because sobbing SUV owners aren't enough to entertain my cold, black heart. I want to see rending of garments. Gnashing of teeth. Shredding of hair!!
@half-beast: well, i would argue that it has less to do with the whole of our society & more to do with the parties that stand to gain from the status quo. people can talk about "market forces" all they want, but the truth is that this particular market has insulated itself well against alternatives.
if we invested in the development of alternative fuel sources just 10% of the money we spend on the foreign policy initiatives that ensure a steady stream of oil imports, fuel stations around the country would be selling e85 (or even e100) alongside 87, 89 & 93 & american automakers would have flex fuel vehicles at every dealership.
@mac-phisto: Interesting point.
To speak on that subject, I've had a couple friends recommend to me "Who Killed The Electric Car?" in the past, but never given it a chance...Maybe i'll give that a watch this weekend.
@half-beast: It's definitely worth the watch, just bring a box of tissues along with you. I watched it a couple weeks ago thanks to Netflix and man, was it ever depressing. If I could make one criticism of the film, though, I think they gave battery technology a bit too much credit. Though they have improved in recent years, batteries are still a less-than-stellar technology. The main question I took away from the film is, "How long do the batteries last before they need to be replaced, and how much do they cost to replace?"
It boggles my mind how the auto industry is sinking so rapidly and are seemingly against new types of car technologies to appeal to consumer's wallets. If they were smart, they'd cash in on the price of gas by releasing cars which utilize alternative energy sources, especially ones that we know work well (see also: electric) versus those that are hardly ready for prime time (see also: hydrogen powered cars).
After seeing the documentary, I'd buy an electric car in a heartbeat.
While its true that we're not out of oil and more oil is being discovered all the time, we are almost out of oil that is cheap to get at and cheap to refine. Of all the OPEC countries, the only one not pumping at full capacity is Saudi Arabia. So yes, there's more oil, but getting at it, whether because its deeper down, in more hostile countries or environment, requires new infrastructure, or is harder to refine all are conspiring to make tomorrow's oil more expensive. And excepting Saudi Arabia, adding new capacity is going to take time.
Assholes.