Thursday, May 22, 2008

Crude exceeds $ 135/barrel and gas prices rise over $ 4

Last night the overnight crude oil prices exceeded $135/barrel. Marketwatch  Yesterday premium gas prices  over $ 4 .20, up 70 cents from last year, were reported. BizJournal 

So what does it mean?  Inconvenience for most of us; true hardship for some; a political football for the fall election; some parity with the prices traditionally paid in the EU; the beginning of a long and winding road to new ways of building cars and cities and new transportation habits - biking, walking, motorcycling, mass transit, less air travel and more rails.  Perhaps a slight change in the pace of American life -- definitely an improvement, although adjusting to it will take some time.

But, we ain't seen nothing yet on the price front -- peak oil and the cost of mitigating global warming certainly will make these prices a nostalgic reminder of the good old days 10 years from now. 

But, for now, just invest in renewable energy and bike stocks, move closer to work, buy an electric car, walk, take the bus, ride a bike, stop buying things you don't need, enjoy your family and friends close to home, plant a yard you don't have to water or mow, and decompress your life.  Remember change happens.

http://lawprofessors.typepad.com/environmental_law/2008/05/crude-exceeds-1.html

Economics, Energy, US | Permalink

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