Real cost of burning gasoline – $6 to $7 per gallon

The End of Cheap Oil
PART 1: Despite the rising prices at the gas pump, experts say we’re actually paying a lot less than what it truly costs to produce a gallon of oil. Some observers say we’re approaching a peak in the world’s oil production that will soon cut short our days of inexpensive oil.

But not everyone agrees the supply is threatened. Host Steve Curwood talks with National Geographic magazine’s editor-in-chief Bill Allen about the true cost of oil, and about how supply and demand for oil affects prices and production.
PART 2: We continue our conversation about the end of cheap oil with National Geographic magazine’s Bill Allen.
PART 3: While some oil analysts predict a peak in
the world’s cheap oil supply in the near future, others in the business say there are plenty of reserves left to quench our oil thirst for decades to come. Host Steve Curwood talks with the American Petroleum Institute’s John Felmy about the industry’s projections for its most precious resource. (28:15)
ALLEN: That would probably be about right, six, maybe even $7 a gallon, Steve.

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