That Sucking Sound
On Facebook, I get sent links to posts arguing that people should organize against high gas prices. One called for a boycott against Petro Canada, suggesting that forcing one company to lower its prices would force the others to follow suit. In the forums threads that follow, many people don't seem to realize that gas prices might be as good as they're ever going to get:
"Dr Campbell, is a former chief geologist and vice-president at a string of oil majors including BP, Shell, Fina, Exxon and ChevronTexaco. He explains that the peak of regular oil - the cheap and easy to extract stuff - has already come and gone in 2005. Even when you factor in the more difficult to extract heavy oil, deep sea reserves, polar regions and liquid taken from gas, the peak will come as soon as 2011, he says."
"In recent years the once-considerable gap between demand and supply has narrowed. Last year that gap all but disappeared. The consequences of a shortfall would be immense. If consumption begins to exceed production by even the smallest amount, the price of oil could soar above $100 a barrel. A global recession would follow."
(emphasis mine)
Graphs are fun, too.
2:48 PM
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