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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:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Dec 20, 2012 4:45:48 AM Ignore honda0105 Report Abuse not like we can do anything as drivers.
gs7101 Champion Author San Antonio Posts:5,658 Points:396,020 Joined:Jun 2009	Message Posted: Dec 15, 2012 6:34:17 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:2,716 Points:628,000 Joined:Apr 2006	Message Posted: Dec 14, 2012 5:41:25 PM Ignore bevmill Report Abuse I don't think this is true. Only time will tell.
Double_Golden Champion Author San Francisco Posts:2,695 Points:632,110 Joined:Aug 2011	Message Posted: Dec 14, 2012 10:18:38 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:7,403 Points:1,586,515 Joined:Jul 2008	Message Posted: Dec 14, 2012 9:52:09 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:5,658 Points:396,020 Joined:Jun 2009	Message Posted: Dec 14, 2012 6:03:12 AM Ignore gs7101 Report Abuse Don't believe it!
remay Champion Author Houston Posts:7,078 Points:2,143,665 Joined:May 2006	Message Posted: Dec 14, 2012 5:41:48 AM Ignore remay Report Abuse Nothin like bursting the bubble...
SkooterG Champion Author Phoenix Posts:1,369 Points:344,185 Joined:May 2012	Message Posted: Dec 14, 2012 2:34:01 AM Ignore SkooterG Report Abuse LONG way away. I don't buy it.
tomok Champion Author Portland Posts:33,589 Points:2,373,210 Joined:Aug 2006	Message Posted: Dec 14, 2012 2:06:24 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:3,657 Points:1,941,890 Joined:Mar 2003	Message Posted: Dec 13, 2012 11:52:05 PM 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:2,312 Points:482,175 Joined:Apr 2011	Message Posted: Dec 13, 2012 11:07:26 PM 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:7,705 Points:2,472,635 Joined:Nov 2005	Message Posted: Dec 13, 2012 11:05:50 PM 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:1,370 Points:298,200 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:05:29 PM 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:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:04:35 PM Ignore boatfloyd Report Abuse That's called inflation.
billy44bo Champion Author Mobile Posts:7,338 Points:1,517,465 Joined:Feb 2008	Message Posted: Dec 13, 2012 11:04:26 PM 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:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:03:41 PM Ignore Aviator_Rob Report Abuse So, @fuelsaverMN, is that on your T-shirt or bumper sticker?
Aviator_Rob Champion Author New York Posts:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Dec 13, 2012 11:02:42 PM 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 Champion Author Ontario Posts:1,123 Points:425,755 Joined:Jan 2012	Message Posted: Dec 13, 2012 11:02:33 PM Ignore cheaper0ON Report Abuse Crazy.
RitaVespa Champion Author Oregon Posts:3,109 Points:819,820 Joined:Jan 2011	Message Posted: Dec 13, 2012 11:02:19 PM Ignore RitaVespa Report Abuse Wow! This will hurt
gcalleja Champion Author Miami Posts:1,049 Points:576,845 Joined:May 2011	Message Posted: Dec 13, 2012 11:02:07 PM Ignore gcalleja Report Abuse Inflationary government policies make money worth less and everything will cost more.
NedW Champion Author Indianapolis Posts:5,750 Points:1,167,995 Joined:Mar 2008	Message Posted: Dec 13, 2012 11:01:54 PM Ignore NedW Report Abuse Obama will be happy to see it.
Robert44 Champion Author Columbus Posts:3,668 Points:1,243,455 Joined:Mar 2004	Message Posted: Dec 13, 2012 10:57:54 PM Ignore Robert44 Report Abuse WOW!!!
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,799,595 Joined:Apr 2008	Message Posted: Dec 13, 2012 10:53:34 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:1,108 Points:326,500 Joined:Mar 2012	Message Posted: Dec 13, 2012 10:52:03 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:8,618 Points:1,738,435 Joined:Apr 2005	Message Posted: Dec 13, 2012 10:51:19 PM Ignore SavALot Report Abuse i think prices will go up regardless of energy production
Red7002011 Champion Author Mississippi Posts:3,466 Points:695,425 Joined:Jul 2011	Message Posted: Dec 13, 2012 10:50:31 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 10:50:14 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 10:49:34 PM Ignore fuelsaverMN Report Abuse "IMPEACH OBAMA"
Aviator_Rob Champion Author New York Posts:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Dec 13, 2012 10:47:37 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 Champion Author Tampa Posts:1,020 Points:2,939,660 Joined:Jun 2004	Message Posted: Dec 13, 2012 10:47:22 PM Ignore BREW9 Report Abuse wow
marion1739 All-Star Author Missouri Posts:969 Points:288,060 Joined:Jan 2011	Message Posted: Dec 13, 2012 10:46:15 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:8,706 Points:1,815,070 Joined:Nov 2003	Message Posted: Dec 13, 2012 10:43:38 PM Ignore benjy Report Abuse but in 2040 our mobile's will fly...
Aviator_Rob Champion Author New York Posts:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Dec 13, 2012 10:42:43 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:8,342 Points:859,135 Joined:Apr 2007	Message Posted: Dec 13, 2012 10:41:49 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:2,551 Points:1,695,490 Joined:Nov 2005	Message Posted: Dec 13, 2012 10:41:49 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:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Dec 13, 2012 10:40:30 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:349 Points:210,310 Joined:Apr 2011	Message Posted: Dec 13, 2012 10:39:00 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:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: Dec 13, 2012 10:33:50 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:905 Points:106,570 Joined:Aug 2005	Message Posted: Dec 13, 2012 10:32:31 PM Ignore feldagast Report Abuse just what 0bama wanted and Chu wanted to hear.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Dec 13, 2012 10:28:15 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:7,434 Points:1,987,595 Joined:Apr 2006	Message Posted: Dec 13, 2012 10:27:11 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:1,597 Points:660,645 Joined:May 2011	Message Posted: Dec 13, 2012 10:26:01 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 10:25:49 PM Ignore karlet Report Abuse I didn't need to know this!!!!!!
mcmonsta Champion Author Honolulu Posts:3,347 Points:845,320 Joined:Sep 2009	Message Posted: Dec 13, 2012 10:24:25 PM Ignore mcmonsta Report Abuse i just can't wait ....can I?
mwo Champion Author Twin Cities Posts:1,653 Points:1,349,035 Joined:Aug 2004	Message Posted: Dec 13, 2012 10:23:56 PM Ignore mwo Report Abuse DEG- prices going DOWN here, how about where you are? Thank you Pres Obama.
lasriog Sophomore Author Texas Posts:151 Points:355,395 Joined:Jan 2012	Message Posted: Dec 13, 2012 10:22:03 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:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: Dec 13, 2012 10:21:49 PM Ignore DEG Report Abuse Probably will happen a lot sooner with Obama being re-elected.
FlogNut Champion Author Chicago Posts:104,855 Points:2,016,125 Joined:Oct 2007	Message Posted: Dec 13, 2012 10:21:31 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:2,210 Points:709,645 Joined:Feb 2011	Message Posted: Dec 13, 2012 10:18:45 PM Ignore fowlcan Report Abuse I can't stand it. Too funny for words.
gd83goldwinger Champion Author South Bend Posts:1,428 Points:519,230 Joined:May 2011	Message Posted: Dec 13, 2012 10:17:31 PM Ignore gd83goldwinger Report Abuse They can't forcast the prices now. There up there down. How can they forcast the future.