Why are Gasoline prices so high?
Oil has been the main source of fuel for machinery in the 20th century. We can argue that it is one of the pillars of contemporary human civilization, powering everything from cars, factories, airplanes, to war tanks, house heating and barbeques. In short, we take it for granted.
Years ago, I recall reading a Scientific American article, The End of Cheap Oil, in March 1998 by Colin Campbell and Jean Laherrere. In that article, the authors predicted a sharp rise in prices due to many factors, the most important of which is producing countries overestimating their reserves to get long term credit from banks. They predict that the shortage is not 50 years away, but rather as near as 10 years away (approx. 2010 or so).
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