So what. I hope it hits 5 bucks a gallon this summer. Alternate fuels will be developed in short order if that happens. I just hope it doesn't cripple us for too long as we adjust.
Seriously, we are very close to realizing what only crackpots used to spout 20 years ago. Ref: http://www.clean-air.org/
The problem with alternatives is that they will be expensive. There is no rush to develop alternatives now with oil near $70 a barrel, so we might expect alternatives to cost more than that.
"So what. I hope it hits 5 bucks a gallon this summer."
Long XOM. Easy hedge.