The world oil price has risen rapidly and is very high today compared to the recent past, primarily because demand growth has been very rapid, and crude oil production capacity is constrained in the short run.
More Quotes from Severin Borenstein:
That's definitely bad news for the California gasoline market. We're going to have to wait and see how bad.Severin Borenstein
It's not like this is a gigantic change in the cost per mile of driving your car. That's why you won't see many people get rid of their cars or suddenly decide they can't drive to work anymore or will take the subway or whatever.
Severin Borenstein
The answer is pretty simple. We will never get to energy independence while we are using oil as the major fuel.
Severin Borenstein
Unfortunately, sometimes you see big wealth transfers occur when something becomes scarce.
Severin Borenstein
The only way to save money is to shop around because even within cities there's still huge price difference, often 20 or more cents.
Severin Borenstein
It's a world market for oil and that's why we have high gasoline prices.
Severin Borenstein
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