I have heard that gas prices could DOUBLE over the next 18 months and even TRIPLE within 5 years.
Do you think this is true?
What will happen with gas prices in the coming years?
I think it is not only possible but probable that the spike will continue at unprecedented levels because of a few factors: 1) political unrest/instability in oil producing regions;
2) China's economic boom is resulting in increased global demand; and 3) speculating/trade manipulation/price distortion/hype; 4) OPEC's refusal to increase production;
5) population growth; and 6) continued devaluation of the dollar. Also, consider urban sprawl. More people live in suburbs and have longer commutes than years ago.
There is no quick fix to get us less energy dependent very quickly. However, if this continues at this rate, it's going to bankrupt the country and the average people. Because of the outsourcing of jobs, many people earn less than they did a few years ago. We are in a race to the bottom. We end out in a Catch 22. Jobs are overseas so people had less income. With less income, there is more pressure to continue
providing cheap goods. Cheap goods come from the third world. There is no great mass transit in this country. The fuel price increases causes inflation to increase. So, you will continue to pay more for food, etc.. Government vehicles like fire trucks and police cars and school buses will be more expensive because of fuel putting pressure on taxes.
And, companies are going to pay people less and less and less. This country is headed towards a big flush down the toilet called Earth.