Oil at record high

Oil prices rose above 143/b and gasoline is at a record high today. Even with extra Saudi oil we face a hot summer of high energy prices. I expect to be followed by a bitter cold winter due to high heating oil prices.

All attempts to conserve energy should be made to increase as the world supply of petroleum has clearly passed its peak. I predict that unless dramatic new measures are taken we could see 200 dollar a barrel oil by next year.