On the heels of news that BP was shutting down oil production in Prudhoe Bay, Alaska and taking 8% of US petroleum production off-line, word is that the shutdown may last for months. Oil prices have spiked more than $2 a barrel in response to the news.
The reminder that the nation’s energy supply hangs by a razor-thin thread comes on the backs of consumers who will soon enough be paying more at the pump again.
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Perhaps an equally good headline: Americans get schooled once again in how unregulated capitalism actually works, despite several lessons recently. Gasoline needs to be at least $3 a gallon if people are going to make any changes in how they live. At $4 and up it’ll be the death of the ex-urb, fingers crossed.
I suspect $4 gas will be tested soon enough.
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