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Traders are "speculating" that Obama is going to do something else stupid (like attacking Libya) in the FUTURE that will impact the supply of oil. They are locking in the price now for what oil will be available then.
If Barry opened up ANWAR and allowed drilling off all of the coasts of the US, the traders would see that as a positive and they would "speculate" LOWER oil prices.
Total B.S.
Anwar will not put a dent into oil prices.
A huge tax on spec trades will drop prices overnight.
And with all the unused leases, why the rush to grant more?
Why all the whining about regulation? Is the gulf accident something we should take delight in repeating?
The only thing that the gulf accident did was to create a new class of grifters called "spillionaires" which are lowlifes that lied about their losses and got rich off of the generosity of BP.
doesn't bother me. I drive 12 miles per day, at 17 mpg.
$5 gal gas * 0.7 gal/day = $3.50 / day = $1277 / year
$10 gal gas * 0.7 gal/day = $7/day = $2,555 / year
$20 gal gas * 0.7 gal/day = $14/day = $5,110 / year
the transportation costs themselves would be very high at $20/gal, but in theory it wouldn't price me out of driving entirely.
$20 / gal, however, is insanely unrealistic. I don't see how global consumer spending could support that price level, at least not anytime soon.
Prices of all goods could go up, I suppose, because retailers and manufacturers will try and pass those costs onto consumers. Customers would just stop buying, though, and many people would go out of business. You'd have an extremely volatile economy, with wide swings back and forth from deflation / unemployment, and inflation / high prices. My main concern is that beer prices will go up.
Since I don't own a car and don't need a car, no. Rising prices are not affecting my spending, but if those gas prices continue to trickle into food costs, ect... that is a different story.
I drive 15 miles to work and 15 miles from work daily. My vehicle is upgraded with special ignition, air intake, plugs, coils, wires and supercharger. Car originally rated 17/24 now gets 20/28.
i went from taking the bus half time to taking the bus full time. i spend $3.50/day on bus fare for an 18 mile round trip commute. the cost of bus fare is roughly equal to the cost of gas at $4/gallon.
Not really, but we have one car in our family and it's a Pacifica, so not good AT ALL on gas mileage. We spend about $125/week on gas. Am considering getting a second car (Honda) so that we don't have to do so much driving with the main car.
every weekend i always spent most of my time in sports bars and restaurants...not anymore.
I'm thinking of buying a Motorcycle Scooter, it saves more gas .
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