At least at the time of this writing, oil has just risen 4 dollars to 133 a barrel. Here in Austin, I-35 is still packed with cars, and everyone is making their plans for memorial day. With the price of oil, I can't imagine a memorial day more weighed down by economic concerns. I've lived through recessions before, but this has a different feeling, like the winnowing of the light before an extended period of decline. But for the most part no one seems terribly concerned, even though gas prices are at record highs. I guess past experience has shown us that the price of gas always goes down, even though I doubt that will be the case in this scenario....
I read MSNBC everyday, and basically the entire top part of the site seems to be dedicated to Peak Oil issues:
-Fed Sees Slower Growth, Higher Unemployment
-American Airlines to start charging 15 dollars for the first checked bag (offset high fuel costs)
-Oil Execs. defend massive profits
-Gas prices kill your budget? Try a bicycle
And yet peak oil is STILL rarely mentioned. Wow. I'm not sure what it will take, but the authors of MSNBC.com are going to have to get out of denial and stop cheerleading and face the harsh reality of an energy-constrained world. Its about time.
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