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Originally Posted by Mark Rozitis
My only question is how bad is it going to get? if gas/oil is staying this high during a recession what will it rise to once our economy picks up again?
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It's not just the Western economy that will dictate the price of gas in the future, it's the entire world economy. India and China - both with over a billion people each - are surging out of third world status, and that means millions and millions of more cars on their roads.
Unless there is a miraculous discovery of an enormous (and I mean like Saudi Arabia huge) oil reserve, the supply of oil just won't be able to keep up with the demand to get the price of gas cheap again. And even if we did find such a huge reserve, the environmental implications of adding all that carbon dioxide to the atmosphere certainly wouldn't help the global warming situation.
The solution(s) for the twenty-first century certainly won't be as easy as the "just drill more wells!" philosophy of the twentieth.