Cheap oil is over

Are we on the brink of an oil crisis?

A close adviser to the Bush administration, an international economist and a former Irving Oil executive who spoke Saturday in Belfast said, unequivocally, yes. And it is the United States, they say, that must lead the way in instituting drastic measures to reduce oil consumption.

…All three agreed the United States must implement a “war campaign for conservation,” or the national economy will be hard hit by dwindling oil supplies and rising prices — prices that will not only be seen at the gas pump, but also in the costs of everything from butter to blue jeans, home mortgages to annual raises at work and the value of retirement accounts.

Village Soup