[GOPJ]

Two more years of 62.4% price rises would take oil prices to $215 per barrel. Given that $147 per barrel oil was a major contributor to the 2008 crisis, do we really think the US economy capable of bearing $215 oil in 2012 without caving in on itself? I don't think so. At least, not unless the dollar has collapsed and inflation has taken off to a level of perhaps 20-25% per annum, which is certainly a possibility.

ping

[NVDave]

This will be a concern going forward. Already we’re seeing the “miles driven” stats from the DOT is down in the last two months. Here’s last month’s report:

http://www.fhwa.dot.gov/ohim/tvtw/10febtvt/10febtvt.pdf

and some more for January:

http://www.fhwa.dot.gov/ohim/tvtw/10jantvt/index.cfm

I like to use three months’ data before calling anything like a trend, but it appears to me that people are noticing that fuel prices are going up. I can tell you that diesel has gone up very rapidly here in the west - I used to be able to find #2 on-road fuel for only $2.40 +/- as recently as last October. Now... it is over $3.00 and climbing fast. Over $3.00 and the truckers start to notice it very quickly.