$6 gasoline by year's end?
So warns the Wall Street Journal. And why should it stop there? We're in the middle of a perfect storm of declining supplies, increased demand from China and India, a continuing fear around the world that the Bush Administration will attack Iran, and rampant speculation on Wall Street that apparently has been great for some pension funds but which is killing everybody else.
And of course, there is little to no chance of the Bush Administration doing anything beyond proposing more drilling--which might lower the price of gas in eight or nine years, but then again, might not. Not until (oh, let's go out on a limb) President Obama takes office in January is anything likely to change. In the meantime, a lot of poor and lower middle class people are going to spend the winter without any heat.