Energy expert: Gas could reach $15 per gallon

Robert Hirsch, former senior advisor for Science Applications International Corporation, sat down with MSNBC's Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is "essentially certain" the world has reached the maximum levels of oil production.

"The problem is that there's not that much oil left in the ground," Hirsch says. "What we've done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we're reaching a point where we're about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they've been doing recently. So what we've got today may be the 'good old days.'"

Hirsch addressed the timeframe in which the US could see $15/gallon gas: "It could happen within a matter of months. It could happen within a matter of a few years. But it's essentially certain that we are at the maximum of world oil production. And after that, we'll go into decline, and when there's much less oil available, then, of course, the price of oil is going to increase dramatically."

Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.

This video is from MSNBC's News Live, broadcast May 24, 2008.

http://rawstory.com/rawreplay/?p=1125

Category:

Autos & Vehicles

Tags:

• gas
• prices

[flangelet]

It's not about how MUCH oil, it's about how much cheap, easy-to-extract oil there is!

Costs money to extract oil. In many cases it doesn't come bubbling up outta the ground like on the Clampetts farm, y'all! LOL

Cost of extraction + the cost of finding it and drilling for it must be recouped BEFORE you start making a profit & going to find more of this FINITE resource before it runs out!

The oil that's being found now costs almost as much to extract as ya get for it!

The 'cheap' oil is GONE!

[flangelet]

Yes... there's shit loads of oil in the world and gas too.

But if it costs $22 a gallon to extract and make into gasoline... do you still want it?

[wizardoflawz]

its bullcrap. there is more oil, and less consumption right now. this is just the one percent trying to throw Obama out of office. the speculators are putting billions into speculation. but think about this. they wouldn't do that unless their returns were guaranteed. otherwise they would stand to lose billions. so you know they are now "speculating" because the FIX IS IN., and they know they cant lose.

[iranwarcom]

dude your right on the money, Iran is cutting the world productions

[Newenlightenmentnow]

Obviously this guy is an inside the box type of guy.  He hasn't thought about research in biotech which could allow us to make hyrdrogen making bacteria, or frankly bacteria that can produce any chemical. DuPont does similar with it's paints. He also discounted electric cars, and more importantly the new lithium battery technology, invented at MIT, which could make "quick charging batteries". What he says sucks, but it's not time to shit our pants yet.

[StunnedByStupidity]

If you are looking for a scape goat when you standard of living goes down the toiled BLAME THE RIGHT WING. These scum are about to fuck up EVERYTHING with their bigoted paranoid no-compromise, delusional nonsense. Guaranteed there will be tons of posts following this one STILL denying there is a problem just like they did with the financial crisis, Iraq (just one more surge and 'we' will win), global warming, wage stagnation, neo liberalism, resource infinitude etc, etc etc...

[exust]

omg in europe its 7 dollars for gallons or so depends on the country....

[danielgirotto]

Costs me $16 to go to work and back, fuck my life. Fuck GMC too for making such shitty cars.

[gregjalbert]

@flangelet Gasprices? Cars are obsolete and pollute. FreePublicTransit . org --- CarFree . com --- BicycleCity . com -- EcoCityBuilders . org --- Natural gas 'fracking' is poisoning the water supplies and land. gaslandthemovie . com --- End the oil and gas dealing, addiction, pollution and waste. --- EndOfSuburbia . com --- TheCorporation . com --- HELP! DefundWar . org --- War and weapons industries are EXTREMELY wasteful.

[RETRlBUTION]

UK - Jan 2011 - Petrol £1.30p per LITRE

[DeserTBoB93535]

@shiningcamel Here's your free tin foil hat, nutbar.

[DeserTBoB93535]

@thelamb777 You're a moron, aren't you?