Skip navigation
Watchlist Sponsored By :


Current DateTime: 11:02:42 12 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 11:02:42 12 Nov 2009
LinksList Documentid: 33793611
  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?

  • Think You Understand Markets?

      We've selected some questions from the Financial Industry Regulatory Authority's test of investor knowledge. See how you do ...


Current DateTime: 11:02:42 12 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
$12 Gas and Rationing? Possible, Says Expert
By: By CNBC.com | 20 May 2008 | 10:45 AM ET
Text Size

Think $4 a gallon gas is already too much? Then brace yourself, says one expert.

"The prices that we're paying at the pump today are, I think, going to be 'the good old days,' because others who watch this very closely forecast that we're going to be hitting $12 and $15 a gallon, and then, after that, when world oil production goes into decline, we're going to talk about rationing," Robert Hirsch, Management Information Services Senior Energy Advisor, said on CNBC's "Squawk Box." "In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we're not going to be able to get the fuel when we want it."

Hirsch argued that the maximum in world oil production has already been hit.

"The idea is that [world oil production] would hit a sharp peak and then drop off, and what's happened is, we've hit a plateau in world oil production, and that plateau has been ongoing since about the middle of 2004," he said.

Those who argue that new technology and new types of energy will solve the problem aren't on solid ground, Hirsch suggested.

"There's no single thing that's going to solve this problem, because it's as massive as one can possibly imagine," he said.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
  • They may have wrecked their companies or saved our economy. Tell us what you think.
  • Big pharma embraces social media, but how much should a tightly regulated sector say on Facebook or Twitter?
  • A European dating site finds lovelorn singles from one country to be consistently uglier. Which is it?
  • Contributor David Pogue looks at two of the latest efforts to perfect the digital pocket camera.
  • PepsiCo is ramping up its onsite health facilities for workers.
ADD COMMENTS
Remaining characters


Current DateTime: 02:33:18 12 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 11:27:46 12 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 05:29:42 12 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:12 12 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters