Oil sat at $145.29 a barrel this weekend. Closing in on $150. Here are a couple of cheery videos related to this.

  thanks to The Oil Drum

  thanks to The Oil Drum

The bottom one is from Bill Moyers Journal which can also be see here with the transcript.

Oil Crisis Worsening! What's Next ...

I've been pounding the table about an energy crisis for quite some time. As a loyal reader of my Money and Markets column, you might think I've been proven right by gasoline soaring over $4 a gallon in 32 states and oil hitting new record highs. But most of what I've been talking about is simply the long-term supply/demand squeeze that will transform our oil-addicted civilization in the future. It appears, however, that the future is happening now. My fundamental and technical indicators are ALL sounding alarm bells. Today, I'm going to give you an uncensored, no-holds-barred look at the consequences of the energy crisis. First, let's talk about why Peak Oil poses such an extreme economic threat to both Wall Street and Main Street.

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The Prognosis for the United States

The oil crisis is upon us. I hope to convince you that sharply curtailing our oil demand is the only and best way for Americans to negotiate the coming decade (2008-2018). To that end, I will construct three scenarios for you to consider in contemplating your future energy consumption. High oil prices are starting to work the way economists think they should. A recent CERA report argues that U.S. gasoline demand peaked in 2007. It appears that vehicle miles traveled has also peaked. Despite these welcome trends, changes forced upon us by the unavoidable workings of the dismal science are likely to be inadequate to the task ahead. The Econ 101 solution becomes harsher as time goes on as the phrase "demand destruction" implies. The simple scenarios laid out below might persuade you that taking the initiative to reduce your liquid fuels use will be necessary to maintain our collective prosperity. Early adapters of measures that reduce their oil consumption will be rewarded, for the race is to the swift. Vulnerable Americans who do nothing will pay the piper as the coming decade unfolds. (See NPR's More Workers Telecommuting, Seeking Closer Jobs, June 18, 2008).

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