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LOL, people probably said the same a long time ago about the $100 mark.
We'll just have to wait and see. The market will take care of itself. If not, the resulting crash and recovery will bring it back stronger (and maybe less oil-dependant, who knows)
At some point, paying more for oil just won't be possible. People will start conserving- doing without. You'll see people that used to drive SUV's contemplating riding a bicycle, or even walking a few miles because gas prices will be so painful. This leads to reduced demand and prices fall. It will also cause at-least-temporary economic pain as people try to reshuffle their lives to live with less oil.
And that's when the price will plummet, that new 17mpg Mustang will again be feasible and we will start the whole process over again. MTV will do specials on the first decade of the century featuring pop icons from the Green movement such as CFLs, rain barrels and Priuses.
The UK has gotten by on $8.00 plus gasoline quite well.
They do not drive nearly as much and have wee cars! They have small houses and you freeze to death in the winter! But I actually love the lifestyle, so it is OK.
The Pound and Euro are both stronger than before, relative to the US dollar, so, gas prices aren't as severe as they would seem when you put them in dollar terms.
Note that China's oil consumption increased by 16% last year. That's faster even than their rate of economic growth.
Basically, what it means is that falling demand in the US is no longer enough to reduce the world market price of oil.
If demand craters in the US, it would simply mean somewhat more affordable oil for China and India.
I just read on the internet that there are over 2 billion barrells of oil in reserve in the U.S. and much more in the middle east and south American countries.
How factual this report is, I don't know.
Economists are saying we are in a "scarcity economy"
Suppliers are creating a false based supply and demand so they can charge more for the products.
Same thing is going on with rice and copper.
This was on the MSN homepage.
In my opinion, the baby boomer generation may be the last generation to know what real American life is. Or was.
Eventually there will only be two classes of people.
The very rich and the very poor.
And when the very rich bleed the very poor to the point there is no more to bleed out of them then the very rich will have complete control over everyone's lives.
I was born in 1947. I have had a good middle class life, and a good job that provided me with enough income to raise six kids. Not in luxury but able to have a decent home. My job provided me with a pension I can live on.
I can see the times changing where that type of life and security in old age will be very hard to obtain for the younger generations.
I worry about my kids even though they have pretty good jobs at the present. I fear for my grandkids. I'm glad I wont be around to see what they might have to face in their lifetime.
I think Movin'on is right. We are in trouble and it's only the tip of the iceberg. It won't be just oil.
I would like to take a trip out west like the wife and I have done in the past but can't afford to with the gas prices.
Not being able to do the trip is an inconvenience.
I feel the future is going to amount to more than just inconvenience. I think the future will amount to just being able to survive for the common person.
Power and money always win. They want a monoply on life just as they want a monopoly on business and control.
I look back at the past and how things were and have good memories. I look at the future and all I see is trouble.
Well put. I was born in 59 at the tail end of the boomers. I was just hoping to eek by the rest of my life before all hell breaks loose. I have no children, so I don't have to worry about future generations. I also have no job and it's official we are in a recession.
It won't just be oil. There's only so much to go around. What happens when the trucks can't afford the diesel and the things that we've taken for granted cannot even be bought at the grocery store. With China and India looming as the new and prosperous behemoths (not to mention the fact that China finances our national debt), how can we hope to "get our share?" Of course, I don't mean that but I do. It won't be a question of "how did our oil get under their sand" unless there are more wars. Things look bleak.
If anyone is interested, this is pretty good. It's a discussion of how we got into this mess and predictions for the future by some pretty knowledgeable people.
The Pound and Euro are both stronger than before, relative to the US dollar, so, gas prices aren't as severe as they would seem when you put them in dollar terms.
Note that China's oil consumption increased by 16% last year. That's faster even than their rate of economic growth.
Basically, what it means is that falling demand in the US is no longer enough to reduce the world market price of oil.
If demand craters in the US, it would simply mean somewhat more affordable oil for China and India.
Well, right now gas prices are low in China, relatively speaking. For every one barrel (either decrease or increase - cannot remember) we consume or not, China uses 14.
Please note the commodity speculators are having a party with these prices. They want the prices to inflate as much as possible for as long as possible so they can steal as much as possible. Their world is based on inflation and we all pay the inflated price for their party.
Agree.
Quote:
In the next couple of years oil prices will fall to a level just below the price that makes alternatives economically feasible. Until then we will have to pay the pumper of do without unless we have enough savings to join the speculators.
Disagree.
Our politicians won't stand for presiding over unhappiness. We'll either open up Gulf Coast and ANWR drilling to scare the speculators off, or war will break out in the Middle East and the supply will miraculously stabilize.
LOL, people probably said the same a long time ago about the $100 mark.
We'll just have to wait and see. The market will take care of itself. If not, the resulting crash and recovery will bring it back stronger (and maybe less oil-dependant, who knows)
Well, you're an optimist and must not believe in peak oil.
That link I posted above in #16 might change your mind.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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It won't go that high that fast. It is too political and the US government would not allow such a thing.
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