Update: new oil price record is $122.73 and things sure doesn’t look pink.
The oil prices blasted to a new record of $122.47 a barrel. Buyers were motivated by Goldman Sachs’ predictions that we may see oil selling for $150-$200 prices in a couple of years and the falling dollar.
A grebe is covered in oil after the Korean oil spill. Taean, South Korea. © TDG
From last year, oil prices doubled from $62 a barrel, so I guess this may be the first sign we have to stop paying more and more money for something that is not good for our health and the environment. There seem to be more and more investors to see light at the end of the tunnel for alternative energy technologies.
First step is to make electricity using the sun light and then we should go along with the trend and build better electric/hybrid cars.
We may be on the right track, but we’re moving very slowly.