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$8 gasoline, $268 oil ahead, despite increased US energy production, says EIA

Check Bio Tech -- EIA forecasts paints gloomy fuel price projection: $8.68 gasoline, $268 crude oil by 2040.

Despite more pain at the pump, EIA cuts back sharply on projections for flex-fuel and all-electric vehicles. Where are the alternatives?

When six press releases arrive from the biofuels community in the space of two hours, offering perspective and caution on the US Energy Information Administration’s annual energy outlook (through 2040) - you can figure that there’s a grenade in there aimed at biofuels.

Here in Digestville, we’d rather not work off yesterday’s 16-page early release, but wait for the final release in the springtime of the EIA’s case. But Washington rarely waits for the final data to come in to get a dogfight going - so let’s look at the controversies, and other elements in the repo

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Submitted Dec 13, 2012 By: skb69sa

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Dec 20, 2012 5:45:48 AM Ignore honda0105 Report Abuse not like we can do anything as drivers.
gs7101 Champion Author San Antonio Posts:5,508 Points:387,245 Joined:Jun 2009	Message Posted: Dec 15, 2012 7:34:17 AM Ignore gs7101 Report Abuse I'll cross this bridge when it happens, but I won't hold my breath!
bevmill Champion Author Georgia Posts:2,562 Points:597,295 Joined:Apr 2006	Message Posted: Dec 14, 2012 6:41:25 PM Ignore bevmill Report Abuse I don't think this is true. Only time will tell.
Double_Golden Champion Author San Francisco Posts:2,545 Points:601,610 Joined:Aug 2011	Message Posted: Dec 14, 2012 11:18:38 AM Ignore Double_Golden Report Abuse I have read an article that said oil will drop to $50 a barrel a couple days ago on gasbuddy news article, now this article said $268 a barrel, who the FU@K should I believed???
skybiker Champion Author South Carolina Posts:7,277 Points:1,556,290 Joined:Jul 2008	Message Posted: Dec 14, 2012 10:52:09 AM Ignore skybiker Report Abuse By 2040 we will all be paupers and our socialist government will pay for our gas with..."Gas Stamps"
gs7101 Champion Author San Antonio Posts:5,508 Points:387,245 Joined:Jun 2009	Message Posted: Dec 14, 2012 7:03:12 AM Ignore gs7101 Report Abuse Don't believe it!
remay Champion Author Houston Posts:6,948 Points:2,113,615 Joined:May 2006	Message Posted: Dec 14, 2012 6:41:48 AM Ignore remay Report Abuse Nothin like bursting the bubble...
SkooterG Champion Author Phoenix Posts:1,359 Points:327,085 Joined:May 2012	Message Posted: Dec 14, 2012 3:34:01 AM Ignore SkooterG Report Abuse LONG way away. I don't buy it.
tomok Champion Author Portland Posts:32,922 Points:2,342,585 Joined:Aug 2006	Message Posted: Dec 14, 2012 3:06:24 AM Ignore tomok Report Abuse $8 gasoline, $268 oil ahead, despite increased US energy production, says EIA? EIA can't get the fuel price forecast correct for next week let alone for 2040! At $8 gasoline, inflation gone wild! Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII!
sydb7 Champion Author Atlanta Posts:3,542 Points:1,916,730 Joined:Mar 2003	Message Posted: Dec 14, 2012 12:52:05 AM Ignore sydb7 Report Abuse When oil costs $8 per gallon, we will be walking, biking or on mass transit! No problem!
METEOR49 Champion Author Ontario Posts:2,152 Points:451,225 Joined:Apr 2011	Message Posted: Dec 14, 2012 12:07:26 AM Ignore METEOR49 Report Abuse i forecast oil will be worthless by 2040 and i have as good a chance of being right as they do !
judgemobile Champion Author Ohio Posts:7,555 Points:2,442,210 Joined:Nov 2005	Message Posted: Dec 14, 2012 12:05:50 AM Ignore judgemobile Report Abuse predictions that far out are meaningless--they do not even have a clue about fiscal cliff, only 2 and a half weeks away
libertyut Champion Author Utah Posts:1,340 Points:289,595 Joined:Mar 2012	Message Posted: Dec 14, 2012 12:05:29 AM Ignore libertyut Report Abuse I don't think we have to waite until 2040 for that to happen with the President we have know.
boatfloyd Champion Author Jacksonville Posts:1,703 Points:385,050 Joined:Mar 2012	Message Posted: Dec 14, 2012 12:04:35 AM Ignore boatfloyd Report Abuse That's called inflation.
billy44bo Champion Author Mobile Posts:7,193 Points:1,487,965 Joined:Feb 2008	Message Posted: Dec 14, 2012 12:04:26 AM Ignore billy44bo Report Abuse I think it will be $4.00 but they are just picking a number and running with it.
Aviator_Rob Champion Author New York Posts:3,776 Points:409,865 Joined:Mar 2012	Message Posted: Dec 14, 2012 12:03:41 AM Ignore Aviator_Rob Report Abuse So, @fuelsaverMN, is that on your T-shirt or bumper sticker?
Aviator_Rob Champion Author New York Posts:3,776 Points:409,865 Joined:Mar 2012	Message Posted: Dec 14, 2012 12:02:42 AM Ignore Aviator_Rob Report Abuse There won't be any coffee in 2040, @clermont40miles. Coffee growing regions of the planet will have been clear-cut to make room for more cows. You gotta feed burgers to 9 billion people somehow.
cheaper0ON All-Star Author Ontario Posts:963 Points:394,055 Joined:Jan 2012	Message Posted: Dec 14, 2012 12:02:33 AM Ignore cheaper0ON Report Abuse Crazy.
RitaVespa Champion Author Oregon Posts:2,961 Points:788,360 Joined:Jan 2011	Message Posted: Dec 14, 2012 12:02:19 AM Ignore RitaVespa Report Abuse Wow! This will hurt
gcalleja All-Star Author Miami Posts:899 Points:546,195 Joined:May 2011	Message Posted: Dec 14, 2012 12:02:07 AM Ignore gcalleja Report Abuse Inflationary government policies make money worth less and everything will cost more.
NedW Champion Author Indianapolis Posts:5,594 Points:1,138,245 Joined:Mar 2008	Message Posted: Dec 14, 2012 12:01:54 AM Ignore NedW Report Abuse Obama will be happy to see it.
Robert44 Champion Author Columbus Posts:3,567 Points:1,216,630 Joined:Mar 2004	Message Posted: Dec 13, 2012 11:57:54 PM Ignore Robert44 Report Abuse WOW!!!
clermont40miles Champion Author Cincinnati Posts:10,548 Points:1,768,870 Joined:Apr 2008	Message Posted: Dec 13, 2012 11:53:34 PM Ignore clermont40miles Report Abuse $8.68 gasoline, $268 crude oil by 2040. As good a guess as any. And a cup of coffee will cost how much in 2040? Ask Rob.
joeschmo12 Champion Author New York Posts:1,001 Points:302,465 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:52:03 PM Ignore joeschmo12 Report Abuse it's not just gasoline prices that will go up. it's everything except the wages. :/
SavALot Champion Author Virginia Beach Posts:8,454 Points:1,707,835 Joined:Apr 2005	Message Posted: Dec 13, 2012 11:51:19 PM Ignore SavALot Report Abuse i think prices will go up regardless of energy production
Red7002011 Champion Author Mississippi Posts:3,312 Points:664,720 Joined:Jul 2011	Message Posted: Dec 13, 2012 11:50:31 PM Ignore Red7002011 Report Abuse Buy Electric Cars!!!!
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Dec 13, 2012 11:50:14 PM Ignore fuelsaverMN Report Abuse I WILL WAIT TILL IT REAlly happens people??????
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Dec 13, 2012 11:49:34 PM Ignore fuelsaverMN Report Abuse "IMPEACH OBAMA"
Aviator_Rob Champion Author New York Posts:3,776 Points:409,865 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:47:37 PM Ignore Aviator_Rob Report Abuse Sorry, @John747, you didn't do a good enough job telling everyone about Obama's secret plans and therefore he was re-elected. That's what you get when you talk to the same six people in the conspiracy Internet forums.
BREW9 All-Star Author Tampa Posts:866 Points:2,908,955 Joined:Jun 2004	Message Posted: Dec 13, 2012 11:47:22 PM Ignore BREW9 Report Abuse wow
marion1739 All-Star Author Missouri Posts:810 Points:256,380 Joined:Jan 2011	Message Posted: Dec 13, 2012 11:46:15 PM Ignore marion1739 Report Abuse Hold your breath and see if you expire or a government report is true comes first lol
benjy Champion Author Chicago Posts:8,581 Points:1,784,770 Joined:Nov 2003	Message Posted: Dec 13, 2012 11:43:38 PM Ignore benjy Report Abuse but in 2040 our mobile's will fly...
Aviator_Rob Champion Author New York Posts:3,776 Points:409,865 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:42:43 PM Ignore Aviator_Rob Report Abuse What's your solution, @FlogNut? "Drill, baby, drill!" just means "Export, baby, export!" for Big Oil. How would you keep gas prices down?
Yonkers111 Champion Author Scranton Posts:8,326 Points:856,010 Joined:Apr 2007	Message Posted: Dec 13, 2012 11:41:49 PM Ignore Yonkers111 Report Abuse Why is it a surprise that prices will more than double in 28 years? Prices were less than half today in 1984. [Edited by: Yonkers111 at 12/13/2012 11:43:32 PM EST]
wild3bill Champion Author New York Posts:2,546 Points:1,685,865 Joined:Nov 2005	Message Posted: Dec 13, 2012 11:41:49 PM Ignore wild3bill Report Abuse World due to end in a week and a day. Not to worry EIA will f first!
Aviator_Rob Champion Author New York Posts:3,776 Points:409,865 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:40:30 PM Ignore Aviator_Rob Report Abuse The report is talking about the year 2040, @feldagast. You somehow think Obama and Chu will still be in government?
diabloMN Veteran Author Twin Cities Posts:335 Points:206,380 Joined:Apr 2011	Message Posted: Dec 13, 2012 11:39:00 PM Ignore diabloMN Report Abuse By that time I would have given up my license and wont be driving anyways.What sucks is these people in $12 an hour jobs trying to keep up.
pgerassi Champion Author Milwaukee Posts:10,882 Points:2,128,750 Joined:Apr 2007	Message Posted: Dec 13, 2012 11:33:50 PM Ignore pgerassi Report Abuse Inflation alone accounts for most of those prices and few forecasts get that right in 28 years. Think of those 28 years ago in 1984. Gasoline sold at retail for $0.93/gal and crude prices were $29/brl. Project that same rise to $3.30 and $86 respectively and you get 2040 prices of $11.71 and $255. I guess fuel taxes which make up a portion of that retail gas price won't rise enough to match inflation. That or alternatives will force a price reduction for gasoline equivalent (natural gas/biofuels/hydrogen/PHEVs/BEVs).
feldagast All-Star Author Toledo Posts:897 Points:104,335 Joined:Aug 2005	Message Posted: Dec 13, 2012 11:32:31 PM Ignore feldagast Report Abuse just what 0bama wanted and Chu wanted to hear.
mstearno Champion Author Dayton Posts:8,048 Points:1,728,210 Joined:Jan 2008	Message Posted: Dec 13, 2012 11:28:15 PM Ignore mstearno Report Abuse my kids care but will be totally socialized by then so too bad for them
MG_Sputnik Champion Author Philadelphia Posts:7,290 Points:1,957,380 Joined:Apr 2006	Message Posted: Dec 13, 2012 11:27:11 PM Ignore MG_Sputnik Report Abuse 2040? Hmmm. I'll be a gazillion years old by then. Who gives a f---?
txkrb Champion Author Texas Posts:1,553 Points:635,565 Joined:May 2011	Message Posted: Dec 13, 2012 11:26:01 PM Ignore txkrb Report Abuse Gas price have increased by over 75% (average) every ten years since the early 70s So at that rate we would reach 9.00 by 2032
karlet Veteran Author Pittsburgh Posts:258 Points:84,490 Joined:Sep 2009	Message Posted: Dec 13, 2012 11:25:49 PM Ignore karlet Report Abuse I didn't need to know this!!!!!!
mcmonsta Champion Author Honolulu Posts:3,212 Points:814,770 Joined:Sep 2009	Message Posted: Dec 13, 2012 11:24:25 PM Ignore mcmonsta Report Abuse i just can't wait ....can I?
mwo Champion Author Twin Cities Posts:1,635 Points:1,330,175 Joined:Aug 2004	Message Posted: Dec 13, 2012 11:23:56 PM Ignore mwo Report Abuse DEG- prices going DOWN here, how about where you are? Thank you Pres Obama.
lasriog Sophomore Author Texas Posts:144 Points:333,680 Joined:Jan 2012	Message Posted: Dec 13, 2012 11:22:03 PM Ignore lasriog Report Abuse 42 years ago gas was less than 30 cent so it is up ten fold so two and half times in 28 years is not as much of an increase as I have seen in my lifetime
DEG Champion Author Las Vegas Posts:17,605 Points:3,491,680 Joined:Jul 2003	Message Posted: Dec 13, 2012 11:21:49 PM Ignore DEG Report Abuse Probably will happen a lot sooner with Obama being re-elected.
FlogNut Champion Author Chicago Posts:104,265 Points:1,984,750 Joined:Oct 2007	Message Posted: Dec 13, 2012 11:21:31 PM Ignore FlogNut Report Abuse If you voted for Obama then you voted for higher gas and oil prices! Never fear......I'm sure Obama will once again find someone else to blame.
fowlcan Champion Author Oklahoma City Posts:2,095 Points:680,590 Joined:Feb 2011	Message Posted: Dec 13, 2012 11:18:45 PM Ignore fowlcan Report Abuse I can't stand it. Too funny for words.
gd83goldwinger Champion Author South Bend Posts:1,428 Points:501,980 Joined:May 2011	Message Posted: Dec 13, 2012 11:17:31 PM Ignore gd83goldwinger Report Abuse They can't forcast the prices now. There up there down. How can they forcast the future.