The Economic Fallout of Chronically High Oil Prices

Two hundred dollars a barrel for oil and $6 a gallon for gasoline--next year. That's according to experts at Goldman Sachs. Many authorities believe those rising numbers won't ever be coming down and that this is the time for the US to wake up and do something about it. As Congress waits for a new president who might have an energy policy, there's talk of an uprising by angry consumers. Meantime, the International Energy Agency, a multi-national organization based in Paris, is making its first attempt to comprehensively assess the condition of the world's oil supply. Final results are expected this coming November. But the agency's already worried since aging oil fields and diminished investment may indicate that supply won't meet demand 20 years from now. Has oil reached its peak? Will Americans agree to sacrifice the environment for oil? If there‘s a market for alternatives, will it be ready in time?