I wake to NPR’s Morning Edition. A couple of months ago I swear I heard someone being interviewed who quoted OPEC sources saying something to the effect that they predicted oil wouldn’t stop rising until it hit around $200 a barrel. This was back when it was around $80 a barrel, if my memory serves me correctly. I don’t think it was taken seriously, because I never read or heard anything of the sort since, so I do wonder if I was imagining it, but I think not. No one in the American oil industry seems to be willing to predict when it will stop rising, but with OPEC’s “goal” in sight, what would that make gas per gallon, six or seven bucks? Not only could it happen, but it probably will. Get ready for hard times, folks.
It’s foolish for auto manufacturers to offer incentives like a locked in $2.99 a gallon for gas if you buy their vehicle. It won’t stop until it hits at least twice that.