Former President of Exxon Arabian Gulf Says We Have Exploited Much of the Easy to get Oil

Dr. Gerald Bailey tells FutureMoneyTrends.com that “the cheap oil is pretty much behind us.”

Though he is not a believer in peak oil, he does believe the world has exploited much of the easy to get oil.

In this 11 minute interview with FutureMoneyTrends.com, Dr. Bailey covers the state of the current oil markets and how the world is changing.

Dr. Bailey has  48 years in the petroleum industry with extensive engineering, management and senior assignments. He has experience in all aspects of the industry both upstream and downstream, with particular Middle East skills, along with US onshore and offshore.  Bailey is retired from Exxon (XOM), lastly as President, Exxon Arabian Gulf, where he was responsible for all Exxon business interests in the Arabian Gulf region.

FutureMoneyTrends.com is expecting the U.S. to face the perfect storm of events that when combined, will send gas prices past the breaking point for the average American.

Americans consume 20 million barrels of oil each day. The problem today is what America will do with 5, 6 and inevitably 10 dollars per gallon for gas. We saw a massive increase in gasoline prices during the stock market crash in 2007-2008. This was a key factor along with flat wage growth for those who remained employed in breaking the backs’ of American consumers.

FutureMoneyTrends.com believes that America is approaching its breaking point where a systemic breakdown in the economic circulatory system will result in another step down in the economy felt first by the poor and middle class. The price projection that we believe this will happen is $5 a gallon. Already millions are crossing their breaking point at the current national average of only $3.92 a gallon.

There are three major catalysts that will cause gas prices to reach this breaking point.

Number 1: The dollar is in a state of collapse caused by a continuous increase in the money supply by America’s central bank.

Number 2: Instability in the Middle East and potential war with Iran would greatly disrupt the supply of oil.

Number 3: The supply of cheap recoverable oil is dwindling along with a major increase in demand.

America is built for $50 oil and $2 a gallon gas. The seriousness of our situation should not be overlooked. We have multiple forces that are either certain or highly probable that will drive gas prices past America’s $5 per gallon breaking point. Even with a weak economy and thus decreased demand, we will see rising gas prices caused by the decreasing value of the dollar under the fiat money system, a potential war starting in the Middle East, and dwindling supplies of crude oil across the globe. Rising gas prices caused by these three catalysts will break the backs’ of the American consumer spiking prices to a point where present day normalcy is no longer the reality.

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