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…
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…
“…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>