Friday, July 14, 2006

We may soon see record gas prices...again!

July 14, 2006 — As most of the world expected, continued conflict in the Middle East has ignited a buying spree in the energy markets. The price of a barrel of crude oil hit its all-time nominal high of $77.03 at the day's close, up 33 cents. Crude also hit an intraday high of $77.95.

Experts say consumers will almost immediately see an impact on what they pay at the pump, with gas prices possibly hitting a new record high (above $3.07 a gallon) as early as next week. We'll have new official numbers from the government on Monday at around 4 p.m. ET.


The world just keeps getting wonderful-er. Basically this is because of the problems in the Middle East and Nigeria. Might have something to do with Venezuela's current unfriendliness as well. Are there still people who think it's ok for us to be so dependent on foreign oil? Lest we forget, rising gas prices also slow our economic growth, which has been anemic enough as it is.

What to do? Alternative energy! Now's the time, folks, strike while the iron is hot. That's my proposition to make a better America.

4 comments:

Xanthippas said...

I noticed the other day when I filled up at Conoco that my gas might have included 10% ethanol. Is that helping?

Nat-Wu said...

Yes...but you notice your gas isn't 10% cheaper.

DocRummel said...

The other thing to notice is that the higher the ethanol content, the worse your milage.

Nat-Wu said...

Hmm, have you seen that stated unequivocally somewhere? I see some statements either way, and the only hard number statement I saw of a performance decrease said 2% less mileage. Not a terrible trade-off, in my opinion. Ethanol has less energy by volume, but is higher octane and burns more completely. Besides which, ethanol at least has the potential to be much cheaper than gasoline, so there should be a near even trade in price, or there will be once ethanol is a standard fuel.

Furthermore, we are also talking about engines designed to handle mostly or only gasoline. In ethanol burning engines or purpose-made hybrids, you should get better mileage.