I hadn't notice that the price of oil picked up a bit but now it seems to be retracting again. While I enjoy the low prices for gas it has a double edged sword to it when it happens that quickly.
International Level: New Activist / Political Participation: 13 1.3%
Gas prices are high, but I am kind of glad for them to be, because it has spurred people to actually research and produce alternative energy vehicles. Just from 2004 (When this thread was started) to today (2016) we have seen the spread of hybrid electric vehicles, mass production of pure electric, and introduction of fuel cell cars. The oil conglomerates spelled their own doom sooner than they would have liked. I am not saying we need to be a completely fossil fuel free society, but we need vehicles with alternative energy sources that have a large percentage of the market.
International Level: New Activist / Political Participation: 21 2.1%
Well, gas production costs may be low, but the governments keep the prices high. With so many gas vehicles it is one of the easiest tax to get, apart alcohol and cigaretes. I do not think that we have an oil crisis, and we won't for many decades to come, just plain human greed.
And do not forget, the electric vehicles do not use gas, but the substance has been used in their production (Extracting rare earth minerals, plastics, factory, etc).
International Level: Politics 101 / Political Participation: 6 0.6%
U.S. Benchmark crude oil tops $50 a barrel for the first time since October
West Texas intermediate crude is still down 66% from its record closing high of $145.31 a barrel on July 3, 2008, according to the Oil Price Information Service. Ref. USAToday.
Better bacteria-busting techniques could make oil extraction greener, cheaper. Simple tweaks to oilfield practice could provide the offshore industry with a more sustainable, money-saving solution to health and safety, environmental and commercial threats posed by harmful bacteria in subsea oil deposits. Source 7d.
Tracking bacteria is one way of looking for more oil deposits but I think we can do better than that and look to more future energy sources that do not involve fossil fuels. Lets work on finding better renewable energy.
Gasoline prices approach three-year high as oil gets more expensive. Gasoline prices have steadily crept up to a nearly three-year high nationwide, fueled by increasingly expensive oil. Fuel prices averaged $2.68 on Thursday, up 15 cents from a month ago and up 28 cents from a year ago, according to AAA. Source 9s.