High Fuel Prices – Buying a Car is much easier than Keeping it Rolling

February 12th, 2008 at 04:52pm Under Crude oil+ Fossil fuels+ Fuel Oil+ Fuel Prices+ Oil Price 2008+ bio ethanol+ energy prices

As the world knows, the prices of crude oil are jumping up fast, and show no signs of slowing down. The same price effect is seen with the fuel prices for gasoline and diesel. The average fuel price for a gallon gasoline in the US is now over $3.00 and Americans are getting used to the fact that “Buying a Car is much easier than Keeping it Rolling”. Car owner costs are increasing lately by raising concerns about the insurance/banking sector and the sharp raise of crude oil prices.

As gasoline prices has jumped above $3 several times lately it made me think “Will we get used to gas prices going over $4.00 or $7.00 or even higher?? Many experts are saying other fuel sorts like bio-ethanol will take over this market, but these new energy products don’t show signs of taking over the market any time soon as it isn’t even publicly available yet. And even if new energy products like bio ethanol, wind energy, solar and others take over, it will take awhile… at least 15-20 years according the international energy advisory board. Still at the demand side for crude oil there are absolutely no signs of slowing down.

A recent crude oil and fuel study showed that the entire world is consuming oil at a rate of more than 1,000 barrels per second, including all kinds off crude oil products. According to the International Energy Agency, global oil demand will increase to an average of 87.8 million barrels per day though out 2008.

Can we seriously find an alternative for our “extreme addiction” for crude oil as George W. Bush calles it. We must find out soon, before it’s too late. What’s your opinion?

Check the fuel prices graphs for Gasoline and Diesel fuel prices.

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