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This is why we filled up the tank this morning

The local gas stations will probably be selling regular for five dollars a gallon after today:

Oil prices, after taking an initial dip on a weekly government report on inventory levels, crossed the $100 threshold Thursday and continued a six-year, five-fold spike driven by surging demand and limited supply.

U.S. light crude for February delivery crossed $100 a barrel around 11:30 ET on the New York Mercantile Exchange before slipping a few cents. Oil had traded down 63 cents just prior to the report’s release.

Yeah, I know, five bucks per is overstating the possibility. Here in St. Louis, anything over $3/gallon is a headline story. It’s coming, though. Sooner or later.

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Discussion

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  1. The first damn thing the next administration needs to do is get us a real energy policy, one that doesn’t equal padding for the pockets of Big Oil. The technology exists to cut way, way, way down on oil consumption and still allow us to run all our stuff. We just need to get movin’, perhaps in the way that the WPA got things done back when. People who are un and underemployed could be retrained to do the work involved with alternative energy, etc. etc. I’m trying to hold off buying my next car, hoping hoping hoping for Beyond Hybrid.

    Narrator: “United States of America. Country. A place barely able to keep its machines running.”

    Future energy policy: “Gentlemen, we can rebuild it. We have the technology. We have the capability to make the world’s first oil-free country. The United States of America will be that country. Better than it was before. Better … stronger … faster…fuel efficient…”

    A girl can dream.

    Posted by Bitty | January 9, 2008, 8:58 pm