Editorial: Energy costs may hit our economy
What difference does a few days make in the price of gasoline? If you have not looked lately, it has become a growing difference.
Crude oil prices hit a two-year high Wednesday as worries grew concerning high energy prices on personal and global economic recoveries.
The recent crude oil spike has driven gasoline prices into the $3 range, up from the $2.66 range a year ago.
Some experts are forecasting gasoline prices to reach $3.75 by April, but edge backward to $3.25 by mid summer.
The fears of further unrest in Libya and other oil-producing counties are pushing energy costs higher.
The economic impact will be significant.
If oil reaches $100 per barrel, economic growth would drop a few points.
If oil surges to $125 per barrel, the economic outlook would get rocky very quickly.
The current world outlook is quite reflective of the 1970s. The political tension of the Middle East will be the driving force behind the ebb and flow of energy prices.
The energy roller coaster will likely go on for weeks, if not months.
This once again shows the importance of development and investment in all forms of energy -- from ethanol to wind to biomass to solar to nuclear.
If America and Minnesota continue to stick their collective heads in the sand ignoring alternative energy development, energy costs will become a tidal wave that could swamp our economy.