| Very sad stuff... Yeah, I read the report, speculating $10/gal in the future. I doubt it, though. At least not for a looooooooong time.
If it got anywhere near $5/gal, let alone $7 this summer, we're going to see riots and interstate blockades by truckers. I got stuck in the middle of their "let's block the Jersey Turnpike" protest last month, wasn't too pretty. In addition, I imagine we're going to be seeing a LOT of pressure from New England and coastal states, as this will dramatically affect travel & tourism in the summer/autumn - some state's main source of revenue outside of taxes. Scary stuff...but I see some rough political and social uprisings in the future.
The oil companies are basically building warchests and stockpiles of profits, both to offset future decreases in dependency and for R&D into alternative fuels. IMO, nobody should be dumping more money into developing alternatives to conventional fuel than the oil companies. It's the only way to have a sustainable and defendable profit stream in the long run.
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