$80/barrel?
I expect to see $90-100/barrel by the end of summer...
the difference is in the 70's there was a savings rate. so many people today live on the edge of financial disaster plus these high prices are sustained not a spike like happened in the 70's i'm in sales and i see peoples discretionary spending going out the window. this whole mess is going to hit the economy soon
Alas, I don't think they can sustain the US$80 per barrel rate for long. The reason is simple: those high prices will actually cut demand, and before you know it there will be a major surplus of oil soon, which will force the price under US$60 before you knew what happened. Even the Chinese and Indian economy will not fare well at those high prices.
"$80/barrel?
I expect to see $90-100/barrel by the end of summer..."
We'll see, I hope your wrong.