There is no shock left when people see oil over $100 a barrel anymore. Just as the stock market goes up $150 one day and down $175 the next without much explanation, so goes the price of oil. Volatility is the name of the game.
It makes sense that President Bush doesn’t know that gasoline could go to $4 a gallon this summer. He doesn’t know it is already over $4 a gallon in California. Just last week, gasoline was $4.23 at a gasoline station in San Mateo, CA.
This week in Gorda, CA gasoline was $5.19.
The bad news is that we’re not developing our energies at the same pace that we are developing our countries or our industries.
What breakthroughs have there been?