WASHINGTON -- The frozen water pipe this morning was a rude awakening. I managed to thaw the pipe without bursting it, thus saving the cost of a plumber. However, a few hours later, I opened our bill for home heating oil. At $2.70 per gallon, it was a blunt reminder that, with petroleum at $100 a barrel, the future cost of keeping fuel in our furnace -- and gasoline in our cars -- will make the plumber's price pale in comparison.
According to the "experts," those of us who drive to work will be paying $4 per gallon for motor fuel soon, and we all will be paying more for electricity, consumer products, air travel and to heat our homes. Happy New Year.
Depending on which "experts" you believe, these ever-higher prices for energy are because:
A. Violence in Nigeria, Africa's No. 1 oil-producing nation, threatens exploration and deliveries.
B. Mexican oil depots and on-load ports are threatened by bad weather.
C. The government in Tehran has threatened to cut off oil production if sanctions are imposed over Iran's nuclear weapons program.
D. Turkey's attacks on Kurdish militants threaten deliveries of Iraqi oil.
E. The Organization of the Petroleum Exporting Countries says demand for crude oil threatens to outstrip OPEC production by 2024.
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