On CNBC's Squawk Box Tuesday, energy analyst Robert Hirsch warned that $4.00 per gallon gasoline will be viewed in the not-so-distant future as "the good old days" because $12 and $15 per gallon is not far away.
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Download “[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”
I included the analyst that spoke before Hirsch to illustrate an important point. His "solution" to the astronomical rise in energy costs is, of course, to "drill more" -- never mind that drilling in ANWR would reduce oil imports by a whopping 4% and could irreparably damage the environment and surrounding wildlife. He says this is necessary "while we wait" for alternative energy sources. The only thing we're waiting for is a President with a long-term, big picture solution to a problem that impacts everyones lives in nearly every way on a daily basis.
