So the CEO of Shell did a little Q&A with CNN. Most of it is trash, but there are a few good points. And here is one that caught my eye... the CEO of Shell Oil acknowledged that within the next decade, the easy-to-extract oil supply worldwide will probably peak and start to dwindle. Put that in perspective when thinking of oil prices... we are now reaching a point where its starting to get harder and harder to even find viable oil to use. For that dynamic, forget about refining capacity or anything else - we are dealing with the simple reality that oil is a finite resource. Oil prices may drop somewhat over that period, at times, maybe to $60 or $70 a barrell. But they won't stay there. The age of cheap oil is gone forever.

 

10 years is not a long time. We need alternatives, and fast.

 

Partial transcript.

 

http://marketplace.publicradio.org/display.../29/bush_moon_q

Can somebody (Balta?) find out the percentage comparison of freights by semi vs. trains and have historical trendlines? I would gladly sit through more train stops if it meant less semis on the road.

I just heard on the radio today (because it's a local company) that BNSF has record profits and volume last quarter, FWIW.

 

Oil hits another new record: $123. Goldman Sachs joins CIBC in predicting $200/bbl within 2 years. Markets falter in the wake.

 

I guess buying that hybrid back in January was a good idea.

 

 

My quick predict is that we hit or get really close to $4 by Memorial Day.

Unless gas prices continue to increase, we as a nation aren't going to change our consumption habits.

 

I'd be in favor of increasing gasoline taxes to European levels, if it could get us European-quality public transportation and infrastructure.

My quick predict is that we hit or get really close to $4 by Memorial Day.

Too late. I walked from the Fullerton red line stop to home just now, passing 3 gas stations, and they were all above $4 for regular.

 

Too late. I walked from the Fullerton red line stop to home just now, passing 3 gas stations, and they were all above $4 for regular.

 

Sorry I was going by the national average, which was in the mid 3.60's last I knew.

Those behavioral changes are increasing. Another positive side effect of expensive gas - the SUV craze is crashing.

 

Those behavioral changes are increasing. Another positive side effect of expensive gas - the SUV craze is crashing.

Thank god. I once went on a rant about how dumb I thought single people with big SUVs like Suburbans and Yukons and no real reason to own them were, and how they had no right to complain about how gas prices to this girl I had just recently met. Then she tells me "oh, I have a SUV, but it's not like a Suburban though." It was like some big damn GMC. lol. I said, oh well, I don't take back anything I said.

$123.53. Another new record.

 

$123.53. Another new record.

WOOHOO!! These 10 barrels of oil in my backyard are like gold!

WOOHOO!! These 10 barrels of oil in my backyard are like gold!

I'm starting to think about drilling a well in the back yard of our 3-flat in Chicago, just for the chance. I think it might be against the condo association by-laws though.

 

A month ago, gas here was $3.35/gal. Last week, it was $3.47/gal. Yesterday, it went to $3.65/gal. Bear in mind that there are two refineries less than an hour south of here.

 

I saw a guy filling his conversion van and his boat yesterday. He was not happy. I hope that the ice is out on the lake he's going to this weekend.

 

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Talking to a friend in Key West, they're at $3.89/gal., up from $3.65 an month ago. I am so glad I don't drive.

 

 

It's been 3.93 or so for the last week here at the cheap stations. 3.99 at others.

I'm starting to think about drilling a well in the back yard of our 3-flat in Chicago, just for the chance. I think it might be against the condo association by-laws though.

 

Unless you hit paydirt!

 

Then at the next meeting you can yell, "I DRINK YOUR MILKSHAKE!"

$126.20.

 

$126.20.

 

Scarier is that the gasoline futures were over $3.20 at one point.

It's been 3.93 or so for the last week here at the cheap stations. 3.99 at others.

3.99 at the BP a couple blocks from my house.

3.99 at the BP a couple blocks from my house.

yeah, it sucks. Of course I have a ridiculous amount of driving to do today. Villa Park to Crystal Lake to Wrigley to Woodstock to Villa Park.... awesome.

yeah, it sucks. Of course I have a ridiculous amount of driving to do today. Villa Park to Crystal Lake to Wrigley to Woodstock to Villa Park.... awesome.

I suggest investing in a hovercraft or helicopter.

looks like my $10 prediction may have been a little low

 

experts clamoring about inevitable $12 - $15 per gallon

looks like my $10 prediction may have been a little low

 

experts clamoring about inevitable $12 - $15 per gallon

 

If it goes above $7, the government better step in.

If it goes above $7, the government better step in.

And do what? Mandate price controls so that countries stop selling it to us or so that demand shoots right back up? Cut the $1 a gallon that you're paying in taxes on that $7 tank and let the roads you need to drive on fall apart? Go back in time and bury more algae so that the earth produces more oil?