Word: crude
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...content cops have no say in what's beamed down from Sirius' three satellites. And Sirius is taking full advantage of its outlier status to serve up fare you would never hear over the AM/FM dial, from frat-boy channels like Maxim Radio to hip-hop so crude it might make Eminem blush...
Correct. "Oil prices have moved to a higher level, and they're going to stay there," says Wyss. Expect crude to remain around $50 a barrel, while gasoline could reach $5 a gallon within the next few years. There will always be blips in both directions. A hard landing for the Chinese real estate market, for example, could stall growth and cause a sudden drop in oil prices. "People would be terrified [by such an economic slowdown]," says Jim Rogers, a prominent commodities investor. "But it wouldn't last." Politics can also create short-term volatility: trouble in Saudi Arabia...
...Bush addressed those concerns by suggesting last week that refineries could be built on decommissioned military bases. But refinery capacity is not the major driver of higher gas prices. "The greater shortage is in the oil itself," says Rogers. Gas prices have been rising along with the price of crude. If gas prices were climbing while crude oil's remained flat, that would tell you there was a bottleneck pushing up prices. That hasn't been the case...
...economic growth, fueling a booming thirst for oil. The rest of the world's appetite for oil hasn't diminished. Use in the U.S.--still far and away the world's largest oil consumer--is growing along with economic activity by 200,000 barrels a day annually while domestic crude-oil production stagnates. Britain, long an oil exporter from its North Sea reserves, will soon become a net importer. Last year world oil production increased, but demand for oil rose faster...
...about timing. Georgia Tech's Shelton, an engineering professor and oil-futures expert, says the extent of the economic damage depends on how fast oil prices rise. A slow climb "gives people time to adjust," he argues, and affords industry time to develop new or more efficient technologies. Crude prices have been steadily rising over the past two years--to nearly $60 a barrel, compared with $30 in early 2004. While individuals are certainly feeling the pinch, the economy overall so far has continued to grow...