Having said that, if oil gets to $250, even $170, we really will be in a world of hurt not seen, well maybe ever.
What’s to worry about? Our economy will be completely “green” at that point according to our (moronic) President and won’t need oil at all. /sarc
Oil’s not going to get to $250 unless the economy fully recovers from the current recession. And given that the current recession (a GDP contraction of maybe a few percentage points) was able to bring it down more than 50%, I can’t imagine a return to high prices could do more than a few percentage points worth of damage.
In other news, as oil rose 2% today, the dollar slid another 2% against the EUR, the GBP, and the CAD indicating that the rise in the price of oil is not from the cost of oil, but the declining purchase power of the dollar...
Sounds like a good time for a large gas tax. We’ll all be driving our ‘green’ cars getting a 200 miles a gallon built by Government Motors. No worry here.
The impact of high priced oil on the rest of the economy is going to be a major kick in the shins. We survive/thrive on cheap oil. Raise the price and our economy tanks. What a very different economy we have since the days of $10/bbl oil before Clinton sent Bill Richardson to the Middle East to screw things up. It couldn't have worked better for Clinton as oil prices rose rapidly in early 1999. Just in time to screw up the economy for the next President. The RATS seized control of both House and Senate in 2006. That set the stage for more manipulation to drive up oil prices. Killing the options to drill for our own oil while world demand rose made it easy to tilt the elections against the Republicans in 2008. Bush was blamed for the rotten policies of the RATS controlling Congress.
$250? Sorry, time for the horse-n-carriage. Forget Obsmobiles.
Typical BS from the UK papers.
Americans changed their behavior when the price spikes.
Actually, I believe this is possible, especially if big oil is taxed to pay for an 0bamathing.
I can imagine $5 or $10 per gallon gas.
To know that off Florida in billions of barrels and off the artic in billions of barrels & cubic feet of natural gas, as well as the shale in PA and the ND/MN oil (shale? sands?) we have so many riches. Oh yes, mustn’t forget the Utah natural gas riches either. Then there’s whatever is off CA. To think that we’d stall these 30-40 years after a big spill....when there are those nations who would willingly slant drill into our territory to get at our wealth without the slightest sense of responsibility, really tells us about the actual political will that now runs counter to the best interests of the American people, their families, their welfare, and, their wallets. Jobs will be lost. So will homes. But we’ll be ‘green.’
Guess I’ll have to move to Manhattan where I can walk to the grocery store. :)
That oil price jumps during this economic downturn and heads will ROLL.
Ok. I’ll be the first one to say that if gas gets to $4.00gal that the Obamination will indeed act.
They will announce a tax rebate for anyone earning under $40,000 year, for gas purchases. Osama will announce that he understands the plight of the little people and the government is ready to help by subsidizing their gas purchases.
And the rest of us better suck it up and empty our pockets to help them buy gas.
We should nationalize money making industries, not money losing ones.
Imagine if we had the Army Corps of Engineers build four new refineries!
Gas at 1.50 a a gallon would propel our economy through the roof!
Oil is not traded and or produced freely, so we may as well benefit.
http://www.energybulletin.net/node/49178
"CERA maintains its position that the reasons for US liquid fuel demand having peaked are economic and geopolitical in their nature, rather than in any way driven by geologic factors."
This is actually reassuring, I think we may be at a top. Last year as oil hit $140 people were predicting $500 or $800 a barrel and that was when the price started to fall. Later, as oil fell to $35 other “experts” were predicting $20 or $25 dollar oil, signalling the bottom. These wild claims one way or the other usually signify a top or a bottom in my observation.
$250 was predicted last year. The belief that any isolated trend will last forever leads to facist science (AGW) and financial ruin (tulips, tech stocks, residential real estate flipping, etc.)
Manipulation in order to squeeze us in those little mini-Euro cars.
Saw this morning that Chinese exports had drooped 26.4 percent in May! Imports dropped too.
Maybe $85? Depends on how low the US dollar gets with Obama.
Some people beg for a World Economic War.
They just love it when everyone is miserable.
We’ve been through this already, and the idea that oil is going to $200 or above has been proven to be laughable.
The world economy cannot run on $200-250 oil. It can’t even run on $150 oil. If oil spikes again, the economy will collapse even further.
Probably $70-90 is tolerable. Any more than that is probably not sustainable.