Long Term, the Price of Oil and Gasoline Will Likely be Much Higher

Unless action is taken now

This is especially true if the US and other countries fail to address the energy crisis now in a meaningful way. However, if the US and other countries meet the energy challenge head-on with the needed resources and resolve, oil prices can go down and stay down long term.

The WTRG Economics website includes graphs and analysis on oil price history, demonstrating how oil prices can rise and fall based on world crises and other factors. Another good site with oil price history is at http://www.ioga.com/Special/crudeoil_Hist.htm. The graphs show historical oil pricing through the beginning of 2007, when the price of oil peaked to approximately $70/barrel. In just a year the price has now almost doubled.

What is needed is a comprehensive energy plan that attacks the global warming problem while at the same time it focuses on creating an adequate long-term supply of affordable energy. This will need to include reducing carbon emissions from carbon-based fuels (oil, coal, natural gas) and a massive program to create large-scale alternative energy industries (bio fuels, solar energy, nuclear energy, fuel cells, etc.).