in Articulos Publicados, Energy

The Cost of Gas in the US as of March 2008

As gas prices reach more than USD $4 per gallon, and the price per oil barrel hits USD $110 people post pictures to Reddit in relation to how gas prices feel like to them all over the country.

Wired Magazine calls for more picture uploads.

Here are my favorites so far:

Do you think we’ve reached the world peak of oil production already? Do you think its just OPEC countries trying to fuck the rest of the world? Do you think the US government is on it by devaluating the currency so we’ll willing fully accept the Amero?

Have you given some thought or discussed with anyone on how to switch to an alternate energy source, or many alternate energy sources during 2008?

Recommended Reading: Oil End Game

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  1. ” It doesn’t mean the world will run out of oil, it means the world will run out of cheap oil…”

    … and we are living that very moment.

    I think this is all about emerging countries considerably improving their productions in short terms, therefore reaching high levels of oil consumption. China for example, increases its oil consumption by 7.5% per year, seven times faster than the U.S. right now and expects to double that in 2010.

    So there’s a clear imbalance between offer and demand but not because we are running out of oil (that will come later) but oil major producers (opec or not) producing to increase their own reserves (therefore their shares value) instead supplying at the required levels.

  2. Well, eventually oil run out. Reaching the peak of production means, that they can’t really find another mega oil field like in the past. Whatever they’re finding is usually small, and it’s just like you say, expensive, given the resources needed to extract it.

    One thing I know is that once the peak is reached, the amount of oil available will drop faster and faster, just because of what you say, countries like china and india are becoming extremely energy dependent and its only going to get worse.

    If we don’t do something about a transition now, it will be very traumatic whenever we have to. For a few years, the OPEC big dudes (The Arabs) will pretty much dominate the world, and what’s gonna happen when there’s no oil is basically war so the rest can get their hands on it. Let’s hope the world won’t come to that, and that we start to transition slowly so that we can last whatever we have left for a couple of centuries at least.

    I also have to mention we need to consider technology breakthroughs in oil extraction and exploration are helping a lot nowadays, we’re far more efficient, so all predictions could be off.

    I just find it really cruel the way markets sometimes do not apply for the best of all, the best example is how cheap oil is being sold at very expensive prices, since there’s the impression that cheap oil can’t be found. damn OPEC.

    Can’t wait for some really crazy disruptive technology to put other countries on the spotlight when it comes to energy.