The stock market isn’t the only thing to have recovered since this time last year — in fact where stocks have increased by 48%, good old oil has doubled. Perhaps you have noticed — I paid $2.85/gallon for gas yesterday.
There are no suggestions that oil prices are going to tumble any time soon; on the contrary, gas is expected to pass $3/gallon this Spring.
Personally, my issue is climate change, but if you’re into the economy, or security, or other things, what part of this picture is unclear?
Click for a bigger picture, or get it from the source, WRTG Economics.
$2.85/gallon? Tom, you’re lucky, we pay twice that in Europe.
Mind you, I do get 40 miles per (US) gallon from my 20 year old Astra, so I guess I’m still better off than the average SUV owner in the States, even with our European prices.
I guess since you own a Prius and work from home, you must be laughing. Or maybe not, our collective thirst for gas these days is no joke.
Comment by Tony Wildish — March 21, 2010 @ 10:13 am
Tony — a dirty little secret is that every time energy prices rise, I get happier. Not for the people whose lives will be impacted immediately by the pain, but for the lives of all of us — they’ll be impacted in a big way, over many, many decades. There was an old advertisement for a company selling car oil filters: “You can pay me now, or pay me later.”
Seems like we have been choosing both by failing to take action.
Tom
Comment by Tom Harrison — March 21, 2010 @ 10:53 am