Public interest in electric and hybrid cars swelled considerably over the summer of 08 when oil touched near $150 per barrel. Subsequent economic turmoil has among other things caused a retreat in oil prices too. Hybrid sales along with the rest of the auto sector have dropepd consdierably. However, as one trader warns us, expensive oil is inevitable and its likely coming soon.
Kevin Kerr is a commodity trader who explained in a report for MarketWatch that pent up oil demand is lurking and that "any economic recovery results in higher energy prices -- it's elementary. That means $300 crude oil could be one year away or three years away, but certainly not much more."
So when we do see ergonomic approval the big bear of exorbitant oil prices will cause pain again.
Unfortunately as Kerr points out, the retreat of oil prices has dried up investments in alternative energy sources including uranium, clean-coal, and biofuel development.
This complacency and lack of foresight it the biggest problem. The world it seems is like a child who makes the same mistake twice, not learning from it the first time. We are doing it again, almost having forgotten about $4.00 per gallon gasoline in the summer. And as Kerr warns, "High energy prices will be back soon for those that don't prepare. So will the pain, unfortunately."
Source (MarketWatch)
