Somehow the government is sticking with an outlook that sees crude prices not hitting triple digits until 2015.
It is an estimate that would get smirks on Wall Street and get you laughed out of the room at the peak oil conference in D.C.
Just look at the chart on right to see why.
The crude trend line from 2003 to 2008 headed for $120 and higher, and it was only interrupted by the global recession. Now we’re getting back on track and oil cracked $90 this week.
This chart comes from seminal peak oilist Chris Skrebowski’s presentation at the ASPO-USA conference.
Transportation is the biggest user of oil. Unfortunately it's the hardest thing to change, a few electric cars notwithstanding
Built infrastructure prevents a shift to new fuel types, especially in a developed country like the US
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