The coming oil-price disaster

Today futures for May Brent light crude went over $60 a barrel, an all time record.
There seems no end in sight. Last week Goldman Sachs stated that oil could top $105 a barrel within three years.
$60 oil translates into about $2.40 a gallon, $70 oil will be about $2.80 a gallon. $105 oil would be over $4.00 a gallon, and closer to $4.50.

This has enormous, negative, implications for the US and indeed world economy.

However, the Athabasca tar-sands in Alberta Canada contain enough shale oil to supply the entire planet for hundreds of years. I believe there are also huge reserves of shale oil in Colorado that are virtually untapped, no pun intended there as the problem with shale is that it is rock and so the oil must be crushed out of it, a time-consuming and expensive business.

But at these prices maybe it becomes feasible.

Any geologists about who could provide any current info on the technology? Any other thoughts, especially conspiratorial ones that would have the evil oil companies keeping mum about latest finds in order to keep the price up?

 

I think pressed rat already posted something like this

 

Get ready kids, here comes WWIII:The War For Oil.

 

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No kidding, Veritas. I just paid $2.13 yesterday, which was the cheapest I could find. I already feel bad about driving because it's so bad on the environment. These prices certainly don't help.

 

Just to clear this up we're not running out. Not yet, the prices are due to demand outstripping supply at the moment. Which may ihndicate that we around the peak of production but there are still large supplies yet. I heard it still runs into trillions of barrels (by compariosn our total consumption so far is 1 trillion barrels). Whether its that large i dunno, but we're not about ot dry up, whehter that a good thing or not i dunno.