$4 Gas: The End of an Era?

…Someday, family road trips may become completely unaffordable. People who study the oil industry say that classic summer road trips could be going the way of the extinct Ford Edsel.

That’s because the demand for oil is increasing all over the world. In India and China, the number of new cars on the road has been rapidly increasing. In China, there are thousands of new automobiles hitting the streets every day.


In addition, some experts say the production of oil worldwide may have peaked.

And there is a real possibility that one effect of global warming will be a big hike in gas taxes to cover the costs of dealing with climate change. If that happens, $4-a-gallon gas may seem like a bargain in the future.

“I think we’re in for an era of high oil prices for the foreseeable future,” said David Sandalow, author of “Freedom from Oil.”

If gas continues to rise to $5, $6 or $7 a gallon or even higher, America may become a very different place. People may have to change their habits.

ABC