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Friday, March 26, 2004

Gasoline $3 a gallon by Labor Day?
Paul Roberts writes in the LA Times about the end of cheap crude. The U.S. has refused for three decades, and continues to refuse, to face the inevitable. Instead of weaning ourselves from oil, we've actually become even more dependent on it. What could have been a gradual and well-planned transition to a more sustainable America will probably just end up being totally FUBAR. Massive unemployment, riots in the streets, people dying. The longer we remain in denial and try to "solve" the problem by cornering more of the world oil market through war and threat of war, the worse it will be in the long run. Allowing prices to find their appropriate high level seems to me to be about the only way in a somewhat free-market economy to sort this out.