possible gasoline shortage in the United States ?

[tocqueville]

Oil scales new peak on MidEast worries By Janet McBride
51 minutes ago


LONDON (Reuters) - Oil hit a record high of nearly $63 a barrel on Monday on fears of militant attacks in the world's biggest oil exporter Saudi Arabia and a possible gasoline shortage in the United States.

As the United States shut its diplomatic missions in Saudi Arabia for two days in response to threats, Australia and Britain warned that militants would soon strike in the kingdom.

"It's the kind of report that, given the current market conditions, is going to lead to an increase in the price," said Simon Wardell, an analyst at Global Insight.

U.S. light sweet crude was up 56 cents at $62.87 a barrel at 1253 GMT having leapt as high as $62.90.

London Brent crude was up 61 cents at $61.68 a barrel having touched $61.76.

News that OPEC's second largest producer Iran had resumed its nuclear work, despite European Union warnings of possible United Nations sanctions, further stoked concerns over oil supplies.

http://news.yahoo.com/s/nm/20050808/bs_nm/markets_oil_dc

[SteppingRazor]

1. It's not a matter of "if." It's a matter of "when"...

Cheap gas won't go on forever. Peak oil is real, and we are all doomed. Nuff said.

[etherealtruth]

2. Gas prices have been artificially low in the U.S. for some time ...

... They will continue to rise (IMO). The only solutions are greater fuel efficiency and the development of new technology.

As oil reserves are further depleted we can expect dramatic increases in the price; what we see currently will pale in comparison to future increases.

[havocmom]

3. More increase$ than just at the pump. Food takes fuel to make and truck

Your grocery bill is gonna rocket up there too. If you can grow some produce, start learning how NOW.

[etherealtruth]

4. Exactly! n/t