It took a little over a year for oil to go from $70 a barrel to $140. OPEC predicted this weekend it could hit $170 by the end of the summer, and Goldman Sachs predicts $200 a barrel by year end. So, what will the world look like at $200 a barrel?
The answer is not very pretty. Christopher Knittel, an economist at the University of California, Davis, says, "the transition from cheap oil to expensive oil is going to be painful for many. We're going to see large changes in our infrastructure,...Full Story