25 Feb '12, 4am

#peakoil Gas prices set records, soon to reach new highs

Mainstream media outlets throughout the country are now reporting on record-breaking gas prices, the highest ever for this time of the year . Also making the rounds is the commonly cited prediction by former Shell CEO John Hofmeister that there is a better than 50 percent chance that gas prices will reach $5 a gallon by this summer in the U.S. This is in spite of the fact that U.S. oil production is up and oil consumption down, since 2008. What the media isn’t reporting on is the rest of what Hofmeister said in a recent peak oil themed debate he had with Tad Patzek on Feb. 14. In the debate, Hofmeister said that we’re heading for $7 to $8 gas and rationing by 2015, and rolling blackouts and brownouts. He also made clear that oil is the lubricant of the world’s economy, and there is no alternative. He further stated that China, which used 8 million barrels of oil a day last...

Full article: http://www.energybulletin.net/stories/2012-02-22/gas-pric...

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