Report: Gas prices may double
What an astute observer George Bush is:
President Bush said Saturday that the Saudis’ modest increase in oil production is “something but it doesn’t solve our problem” of soaring gas prices.Taking note of the kingdom’s recent decision to raise production by 300,000 barrels a day, the president said the United States must act, too, to ease the gasoline crisis. He mentioned steps such as developing alternate fuels, improving conservation and expanding domestic exploration.
“We’ve got to do more at home,” the president said on a lawn of a resort overlooking the Red Sea. He spoke after a private meeting with Afghanistan President Hamid Karzai.
Well, let’s see…gas had to hit a national average of $3.79 per gallon for Bush to realize something has to be done. So, nothing has been done except for a little failed-groveling by the President, therefore the energy crisis is seeking its own path — that would be out of control.
Out of control indeed, especially when the price is expected to rise to $7.00 per gallon, and $4.00 will seem like a gift from heaven, according to a Chicago Tribune report.
Drivers will likely need to become comfortable with gas at $4 a gallon as oil experts say an era of historic pain at the pump will endure well beyond the Memorial Day weekend, when prices traditionally peak. . . .
The new world order for petroleum markets has some analysts predicting far higher prices ahead. Gas at the pump in the U.S. could reach $7 a gallon because more drivers in India and China will hit the road even as American oil consumption retreats, the Canadian Imperial Bank of Commerce predicts.
Just imagine what $7.00 per gallon will do to the economy.
0 Responses to “Report: Gas prices may double”