Friday, August 11, 2006

Are We Ready for the Next Oil Shock?

Posted By on Fri, Aug 11, 2006 at 4:00 AM

"Could a mere four percent shortfall in daily oil supply propel the price of a barrel to more than $120 in a matter of days? That's what some oil market experts are saying, and if they're correct, we face the very real possibility of an oil shock wave that could send our economy reeling. Such a rapid rise in fuel costs would have profound effects that could severely threaten the foundation of America's economic prosperity. ..."

So begins a rather sobering essay in The Washington Post today by FedEx CEO Fred Smith. It could be "So long, SUV. Hello, bike," for a lot of us.

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