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Seemed like 3$ gas was a level where most people didn't reduce consumption or complain much. I believe saudi arabia needs oil at 65$ to finance their government and social programs (75% of saudi Arabia's GDP is from oil).
I am sure the OPEC nations will continue to cut until they get the price back to where they want it.
I wouldn't exactly rush out and buy a gas guzzler though.
Jumped 20¢ from Monday to Friday at almost every station in town last week. $2.50 by spring, $3.50 by summer, then we need another hurricane to shut down refineries, and cha-ching $4.
Jumped 20¢ from Monday to Friday at almost every station in town last week. $2.50 by spring, $3.50 by summer, then we need another hurricane to shut down refineries, and cha-ching $4.
I believe you meant $5! Because if we get hit with an outage like we did last hurricane season it will be $5.
Gas will resume its upward trend by nickeling and dimeing us back up. There is no way that the oil producing nations and their oil company partners are going to "leave money on the table" and let the price of crude remain low for too long.
Right now the low price of crude coupled with a crippled economy is shelving the alternative energy plans that were gaining a tremendous momentum as the price soared past $4 at the pump. As soon as interest in alternative energy projects return to being viewed as "experimental alternatives", and they have their funding seriously cut, the fleecing of an imported-oil dependent nation will resume.
Thankfully, T. Boone Pickens who has the incentive to create another revenue stream from changing America's energy infrastructure is not letting up on his pressure to make wind and natural gas viable alternatives. Regardless of his motivations his plan has a lot of merit!
If your blaming the oil companies for high oil prices your blaming the wrong people. Try looking at Wall Street. Never did buy that supply and demand crap either.
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