In May, 66 percent of drivers who took an on-line survey for the Progressive Group of Insurance Companies said they would change their driving habits at $2.40 a gallon - the level that Philadelphia is at right now. The number jumps to 78 percent at $3 a gallon, which is a price point at which some experts think drivers really would cut back - instead of just talking about it…
Last month, a group called Securing America’s Future Energy and the National Commission on Energy Policy sponsored an oil “war game” with former top government officials, and a six-month series of mock disruptions drove oil to $120 a barrel - double the current price - and a gallon of gas to $5.30.
Depressing as that may sound, there is a growing group of energy experts who also believe that the earth is approaching what they call “Peak Oil’ - the time when the world’s use of oil exceeds what it can produce - faster than expected.
The most pessimistic energy experts - including several widely respected ones - believe that Peak Oil could come by the end of this decade, especially if the demand for fuel from a booming Asian economy continues to remain high.
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