Joined: Jun 18, 2005 Posts: 3899 Location: In a van down by the river
Posted: Mon Jun 09, 2008 8:53 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
Our friends in Europe and the UK need to realize that the US, has a terrible public transportation system.
If you live in a town in the UK you can walk to the shops if you want and your are only going to have to walk a few blocks. IN most parts of the US if you want to walk up to the store you are going to have to travel a mile or more. And instead of walking on the side walk, you will have to walk on the street with cars doing 45+ MPH.
Posted: Mon Jun 09, 2008 9:18 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
European posters, please don't hijack this thread by starting an argument over how Europe is doing fine with $8 gasoline. The infrastructure in Europe is different than the US. Please start your own thread if you want to debate that. Thanks!
Posted: Mon Jun 09, 2008 9:23 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
To pay for $4 gas, $130 oil, the US has to spend $745 billion per year on foreign oil. The US no longer has $745 billion per year for financing our oil addiction. Our bond markets have collapsed, our credit markets are terminal and the $ is plunging to the bottom. Soon those ships carrying foreign oil will not be coming to US shores very often. They will not be coming because we will not have the money to pay for what they will be carrying.
Face it, as a nation the US is flat out, pathetically, broke. $7 gas or $325 oil is a fantasy. There is not enough money on the planet to pay for $7 US gas at the US’s present rate of consumption. We can no longer beg, borrow or steal enough money to buy it.
The only way $7 gas could appear, would be if the US fell into an unprecedented deep depression. If a depression that severe comes about, $7 gas is going to be the last of your concerns.
Posted: Mon Jun 09, 2008 9:26 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
dohboi wrote:
"Think about this- at $7 per gallon, it would cost $210 to fill up a 30 gallon SUV or truck fuel tank. And a once a week fill up would cost a total of $840 per month!"
This is very funny--all those people who bought these monsters to demonstrate just how little they cared about GW or about crushing to death are now suffering at the gas pump.
It is a bit hard to feel too bad for them.
On the other hand, poor folks are getting crushed by these increases.
Let me see if i understand this.
Someone who bettered themselves by getting an education or a good job you have no sympathy for. They are getting what they deservbe.
Someone who never amounted to much in life and as such is poor you have sympathy for?
I dont understand this logic. It sounds like the typical liberal logic of punish the successful. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jun 09, 2008 9:30 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
So I guess the big question is will demand destruction happen faster than the peak oil decline rate? If not, we are in BIG trouble.
Even if demand destruction kicks in at a faster rate than field depletion (due to economic collapse or whatever), once all the fat has been cut and there is no elasticity left, we are are still in BIG trouble.
Posted: Mon Jun 09, 2008 9:36 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
shortonoil wrote:
To pay for $4 gas, $130 oil, the US has to spend $745 billion per year on foreign oil. The US no longer has $745 billion per year for financing our oil addiction. Our bond markets have collapsed, our credit markets are terminal and the $ is plunging to the bottom. Soon those ships carrying foreign oil will not be coming to US shores very often. They will not be coming because we will not have the money to pay for what they will be carrying.
Face it, as a nation the US is flat out, pathetically, broke. $7 gas or $325 oil is a fantasy. There is not enough money on the planet to pay for $7 US gas at the US’s present rate of consumption. We can no longer beg, borrow or steal enough money to buy it.
The only way $7 gas could appear, would be if the US fell into an unprecedented deep depression. If a depression that severe comes about, $7 gas is going to be the last of your concerns.
Whether we have gasoline shortages/rationing or very expensive gasoline... either way it looks like sometime soon there will much less driving and cars on the road.
Not sure if $7 gasoline will be enough to stop people from discretionary driving. We'll see.
Joined: Oct 23, 2004 Posts: 5889 Location: New Jersey
Posted: Mon Jun 09, 2008 9:48 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
shortonoil wrote:
To pay for $4 gas, $130 oil, the US has to spend $745 billion per year on foreign oil. The US no longer has $745 billion per year for financing our oil addiction. Our bond markets have collapsed, our credit markets are terminal and the $ is plunging to the bottom. Soon those ships carrying foreign oil will not be coming to US shores very often. They will not be coming because we will not have the money to pay for what they will be carrying.
Face it, as a nation the US is flat out, pathetically, broke. $7 gas or $325 oil is a fantasy. There is not enough money on the planet to pay for $7 US gas at the US’s present rate of consumption. We can no longer beg, borrow or steal enough money to buy it.
The only way $7 gas could appear, would be if the US fell into an unprecedented deep depression. If a depression that severe comes about, $7 gas is going to be the last of your concerns.
I agree completely and I think there's already a 90% chance that the US dollar has past the point of return - meaning that its use as a reserve currnecy and general universal acceptance will soon be over.
Possibly this may take as long as two years, but it may be much sooner. Once the size of the huge and growing US trade deficit (based upon current rates of consumption and energy prices) becomes well known, it will become apparent that the US can not possibly borrow enough money to maintain its current standard of living. This standard of living is supported so far by net inflows of foriegn money of about $800 to $900 billion per year. Now we will need more than $1 trillion per year. _________________ It's already over, now it's just a matter of adjusting.
Posted: Mon Jun 09, 2008 9:56 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
And let's not forget that the price of heating oil hasn't even caught up with the current price of $140 crude oil. This winter's heating oil bills will financially devastate many families.
Posted: Mon Jun 09, 2008 10:20 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
Bring on $7 auto fuel. Its about time that we started changing our habits. $3 fuel did squat. Outside of the commercial airline industry, $4 fuel (i.e. whatever the jet fuel equivalent may be) seems to be causing modest change, at best.
In short, a lot of folks are overestimated the elasticity of demand for auto fuel. On a related note, a lot of folks are overstating the effect of higher rices.
Also, the last guy on that video lost all credibility to me when he cited rising fuel prices as the reason for rising food prices. Um, no. It's a bull market across all commodities.
Posted: Mon Jun 09, 2008 10:24 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
Specop_007 wrote:
dohboi wrote:
"Think about this- at $7 per gallon, it would cost $210 to fill up a 30 gallon SUV or truck fuel tank. And a once a week fill up would cost a total of $840 per month!"
This is very funny--all those people who bought these monsters to demonstrate just how little they cared about GW or about crushing to death are now suffering at the gas pump.
It is a bit hard to feel too bad for them.
On the other hand, poor folks are getting crushed by these increases.
Let me see if i understand this.
Someone who bettered themselves by getting an education or a good job you have no sympathy for. They are getting what they deservbe.
Someone who never amounted to much in life and as such is poor you have sympathy for?
I dont understand this logic. It sounds like the typical liberal logic of punish the successful.
People don't become successful in a vacuum. Mobility between classes isn't as common as people like to believe. Looks like you're promoting the right-wing logic that all poor people are deservedly so because they're a bunch of lazy (insert racial epithet) and wellfare mothers. There are a lot of thoughtful, intelligent and good people who also, just so happen to be poor.
As for the people who bought Hummers with gas prices going up and global warming concerns rising...who can't afford them now...who also can't sell them...I agree, it is hard to feel very sympathetic.
Posted: Mon Jun 09, 2008 11:16 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
vision-master wrote:
charliehelyes wrote:
$8 gas will hardly make a effect, gas is $11 in the uk and people live fine $8 gas will just get rid of some of the fat second cars ect. I know the uk is alot smaller but its not that small, people in new york dont commute to l.a. If people live within 60 miles of where they work they will be fine. But however it will take alot of money out of the economy and will cause a short term recession maybe. $12 dollar gas would complete deystroy the economy i.e
$8 gas will hardly make a effect
but
$12 dollar gas would complete deystroy the economy
What ivory tower do you live in?
the one where he can afford $8 gas, but not $12 gas, and from there he extrapolated that personal fact to everyone else.
people! not everyone makes as much as some of you. i know it should be obvious but....
and remember, nothing functions without those on the lower end of the socioeconomic scale: so, for example, who's going to deliver your groceries, unload them from the truck, stock them on the shelves for you, and ring them up, if the little guy can't afford the gas to get to work, or even eat?
Posted: Mon Jun 09, 2008 11:27 am Post subject: Re: CBS News predicts $6+ US gasoline within a few months
charliehelyes wrote:
$8 gas will hardly make a effect, gas is $11 in the uk and people live fine $8 gas will just get rid of some of the fat second cars ect. I know the uk is alot smaller but its not that small, people in new york dont commute to l.a. If people live within 60 miles of where they work they will be fine. But however it will take alot of money out of the economy and will cause a short term recession maybe. $12 dollar gas would complete deystroy the economy i.e
Well, here in the UK things are NOT fine, by any means. People are using "spare" money to fund driving that would normally be spent elsewhere, entertainment, hobbies, etc. With the increase in food prices 50%+, interest rates, mortgages, credit card debt etc, we are just keeping our heads above water, generally.
Big natural gas & electricity hikes coming soon, ready for the winter load. Petrol / diesel seems to go up weekly, by 5p ammounts. The shyte will hit the fan in the UK this Autumn / Winter.
(why does this website turn shyte spelled with an i to crap, yet allows stronger words !!!!!)
Gasmon (not a doomer - but starting to stock up a little - just in case !!!) _________________ Constantus excrementia et level variatum
Were allways in the sh|t, its only the depth that varies
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