This is from USA TODAY – it speaks for itself. If there is any future historian of our era, he or she will not be able to paint a very human picture of us. All we seem to care about is our ability to drive everywhere, no matter the cost in blood.
Most selfish generation in history?
I thought the teabaggers that were going to save this country were all about personal responsibility and communal Christian religious examples. instead, I guess we get 21st Century hippiestock – I’ll get mine – under the guise of Republicans “saving the country.”
$5 per gallon by the peak driving season, my oh my, what will we do?
If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.
By Khaled Desouki, USA TODAY
Protesters shout slogans against Libyan leader Moammar Gadhafi on Tuesday as they hold up the old Libya flag during a demonstration outside Arab League headquarters in Cairo.Protesters shout slogans against Libyan leader Moammar Gadhafi on Tuesday as they hold up the old Libya flag during a demonstration outside Arab League headquarters in Cairo.Oil prices soared to the highest level in more than two years as violence spread inLibya and Moammar Gadhafi‘s grip weakened. Only a small amount of Libya’s oil production appeared to have been affected, though analysts fear revolts will spread to OPEC heavyweights like Iran.
The average price of regular gasoline is expected to rise to $3.25 within a few days, says Tom Kloza, chief analyst at the Oil Price Information Service. That’s 2.5% above Tuesday’s $3.17 national average.
Libya holds the most oil reserves in Africa and is the world’s 15th-largest crude exporter at 1.2 million barrels per day, according to the Energy Information Administration.
Any production losses out of Libya could be quickly absorbed by other countries like Saudi Arabia, which can ramp up production as much as another five million barrels per day. The main concern stalking markets is that revolts in the Middle East and North Africa will spread to OPEC heavyweights, particularly Iran, the group’s second-largest producer.
Energy consultant Jim Ritterbusch said a “fear premium” has propped up oil prices by about $10 per barrel in the past several days. That means prices could tumble once the region settles down. “But that doesn’t look like it’s going to happen anytime soon, he said.”
Gas prices are up 20% from levels a year ago but nearly 23% below the record $4.11 average set in July 2008.
While troubles in Libya and brewing unrest in the
AAA spokesman Troy Green says speculation on gas prices is premature. “I would caution folks in the prediction business,” he says. “Throwing out numbers is akin to predicting who’s going to win the Super Bowl in 2012.”