aviation fuel the final third. We needed to start the sustainable crusade thirty years ago for all three, and didn't, but we must, absolutely must, start now to minimize the agony that will come. Electricity is the least of my worries. I fear Hawaii entering into a prolonged state of economic depression when oil shoots past $150/barrel, causing jet fuel prices to escalate, making airline tickets awfully expensive and reducing tourism by 20% to 50%. What's particularly frustrating to me is that virtually nothing is being done about a next generation aircraft (which could well be, left, a flying walrus, or the Hawaiian Hydrogen Clipper) capable of being powered by, say, hydrogen produced from OTEC, windpower or geothermal energy, or a serious replacement for jet fuel, which almost surely will come from microalgae. Alas, all of these pathways will take, at best, a decade, and more probably, a full generation (25 years)...and, probably longer.
The Dow Jones Industrials sunk 140 to 12,202, but it was down 248 earlier in the day. The S&P pronouncement dropping the U.S. debt rating into the negative was most of the cause. World markets almost all decreased, and more than 2% in portions of Europe. Basically, they are having continuing nightmares about Greece and Portugal. Ah, but I hope you, a year ago, took my advice and bought a lot of gold, for it increased $9/toz to another record high of $1497. How high could gold go? In 1980 gold rose to $850/toz. What is this worth today?
|$2,250.00||using the Consumer Price Index|
|$1,970.00||using the GDP deflator|
|$2,140.00||using the unskilled wage|
|$2,500.00||using the Production Worker Compensation|
|$3,280.00||using the nominal GDP per capita|
|$4,470.00||using the relative share of GDP|
Thus, gold has a long way to go to get even close to what happened in 1980 (which, of course, was after the second energy crisis).