The video above, from interviews on CNBC this morning, revealed a number of interesting points about energy prices and energy supply: (1) Newt Gingrich has a plan for $2.50-a-gallon gasoline, but no one (including Gingrich) knows what the plan is or considers it vaguely realistic, (2) the US has the lowest energy prices in the world, but they still aren't low enough for the US economy to recover, (3) the US produces surplus natural gas that could be used for transportation, (4) the natural gas infrastructure already exists, but (5) politicians in Washington are fixated on drilling for more oil.
T. Boone Pickens, who is also interviewed in the video above, has been having a debate with the Wall Street Journal (WSJ) over natural gas (here). The WSJ thinks that the "Pickens Plan" is a "Boone Doggle". The Pickens Plan "to break US oil addiction" is obviously not in the interests of Big Oil. The debate is another indication that Peak Oil is either very close or has already been reached and that the Age of Austerity will be with us for a long time.
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