Imagining a $7-a-Gallon Future
No price in America is more visible, indeed inescapable, than that of gasoline. And Americans don't like the numbers they're seeing today, and their anger has turned high prices at the pump into highly flammable political fodder. OPEC's decision last week to cut production has further fueled the fire.
But what are those prices telling us? That driving this summer will be expensive? Or that $3 a gallon, which spouted last week at a California station, is our future? Or more worrying, that after many years of false alarms, the world is truly beginning to run out of oil?