14 Apr '12, 4am

Let's hear it for higher gasoline prices

Let's hear it for higher gasoline prices

Somehow we have to figure out how to boost the price of gasoline to the levels in Europe. — U.S. Secretary of Energy-designate Steven Chu, 2008 Of course we don’t want the price of gasoline to go up, we want it to go down. — U.S. Secretary of Energy Steven Chu, 2012 Gas prices are on the rise again, which means the “man on the street” will complain to local news reporters about greedy oil companies and foreign cartels, and energy-illiterate pundits and politicians will cry for domestic drilling with wild abandon. But is gasoline, now approaching $4 per gallon in Ohio, really expensive? Consider that a barrel of West Texas Intermediate crude oil, trading for around $100 per barrel in March 2012, is equivalent to 10,000 hours of human labor. The work of one person over their lifetime (about 45 years of manual labor) can be done by just four barrels of oil, which costs $400 t...

Full article: http://www.energybulletin.net/stories/2012-04-13/lets-hea...

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