Clusterfuck Nation by James Howard Kunstler
Overall I expect to see $100-a-barrel oil at some point this year. Last year I made a bet with a friend that oil would end 2005 at $75. I lost the bet. But it is a fact that the price of oil altogether ended the year 40 percent higher than 2004, so it is not as if the markets did not show extraordinary stress.
New laws regulating gasoline mixtures will also contribute substantially to higher gasoline prices (perhaps as much as 40 cents a gallon). So I will predict gasoline breaking through the $4-a-gallon mark sometime this year.
I don’t know if Kunstler will be right or not. But he makes some interesting comments in the post. Even if he’s off on the figures I think we’ll be in for a ride this year.
