Gas at $10 a gallon

“Only Greentech Can Save U.S. Economy, Says Über-Investor” is Wired’s story which contains the compelling statement that, “Gas will go to $10 a gallon”.

It starts like this…

“The U.S. financial system is in a mess. The global marketplace is in the same disarray … What the hell is going on? Can we get out of this mess, and how? And will our children be living in caves?”

New Yorker staff writer Nick Paumgarten posed those distressingly pertinent questions to Michael Novogratz, president of the Fortress Investment Group and the 317th-richest person in America, yesterday at the New Yorker Stories From the Near Future conference…

and then…

“…As the price of oil goes up, there’s got to be a green revolution. I think of what will be the next driver of the American economy, and it’s green energy. That’s a huge growth opportunity. It’s not about the pollution. It’s about the energy. Gas will go to $10 a gallon,” he said.

Full story here <link>

Separately, but on a related theme; the NYT reports that not only are higher gas/petrol prices in the US encouraging people to buy smaller cars – my previous post about the Obama and the gas tax holiday covered this <link> – it is also driving people on to public transport.

“With the price of gas approaching $4 a gallon, more commuters are abandoning their cars and taking the train or bus instead.” And it’s stretching the capacity of the commuter systems. Full story here <link>

Will they cope at $10? We live in interesting times.

PS: Oil hit $126 a barrel on Friday <link>


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