David Lazarus

So if the head of San Ramon’s ChevronTexaco is prepared to gamble more than 16 billion bucks on oil prices staying at stratospheric levels, I’m ready to give him the benefit of the doubt.

And reading between the lines, that means only one thing.

Peak oil.

We’re basically there.

“Experts say the stark reality is that oil and oil-derived products will inevitably shoot up again in price as demand exceeds production. And this will happen sooner than most people think.”

Ultimately, it’s up to U.S. consumers to wean themselves from their costly addiction to oil, which increasingly is coming from less-than-stable parts of the world. And this will require some tough love.