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May 21, 2008
Posted: 05:20 PM ET
FROM CNN's Jack Cafferty: The day of reckoning may soon be upon us. Crude oil hit a record high of more than $133 a barrel today, after a government report that stockpiles of gas and oil have fallen unexpectedly. But that's not the worst of it. Fears of oil shortages within 5 years actually pushed long-term oil futures to almost $140 a barrel yesterday. The Financial Times reports veteran traders say they've never seen such a jump, and that they believe more and more investors are betting that oil production will soon peak. One influential investor says he thinks oil prices will hit $150 a barrel by the end of the year. And Goldman Sachs is predicting oil could top $200 a barrel within two years, which could mean gasoline at $7 or $8 a gallon. All this comes as global demand for oil is increasing much faster than supply, especially in places like China, India, the Middle East and South America. Crude oil prices have more than doubled just in the past year... something most Americans have felt at the pump, with a gallon of gas now costing $3.81 on average. According to AAA, the price of a gallon of regular unleaded gasoline hit a record high for the 14th day in a row. That has never happened before. What will we do when gas hits $7 a gallon? Here’s my question to you: What should the U.S. be doing now to address possible oil shortages within five years? Interested to know which ones made it on air?
Deb from Lancaster, Pa. writes: Tom from New Jersey writes: Deanne from Baytown, Texas writes: Kevin from Delaware writes: Mark writes: Michael from Skowhegan, Maine writes: Posted by: CNN's Jack Cafferty
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
Read excerpts about Jack's battle with alcoholism and Jack's philosophy on parenting. CNN=Politics Screensaver
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