Everybody talks every once in a while about the much feared Peak-oil, but what we are suffering right now is a different phenomenon. We are seeing gas prices go through the roof worldwide, matching or even exceeding the record prices posted on the summer of 2008 when the Brent crude hit the 145$/barrel mark.
Since then we have grown accustomed to high gas prices, fueled (pun not intended) by consecutive cuts in production from the OPEC and political conflicts around the world. However, even if we take these factors into account, the demand has fallen so abruptly due to the economic crisis than the barrel price is steady at 85-91$/barrel. The problem is that actual gas prices are not following the price of the oil they come from. But a picture is worth a thousand words:
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| $/barrel VS $/gallon from 01.01.2008 to 12.27.2010 (All data from US Energy Information Administration) |
