Petroleum prices may top $60 or more: analysts Ready for the $100 tank of gas?
[Business India]: Washington, Mar 4 : Petroleum prices may increase to more than $60 a barrel this year and some analysts are talking about the possibility of even greater increases — to $75 or $80 a barrel — in the event of a major supply disruption, unless the demand for crude cools in Asia and the US.
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Americans just don’t get it. In Rome a few weeks ago I saw motorbikes and smartcars all over the place. Ride from the airport into the city and pass new cluster housing with beautiful green spaces between… great public trasnport and a way lively compact city center. We are mesmerized by gigantism in our cars and houses, have spread ourselves out beyond public transportable range and are absolutely totally dependent on gas and more gas. John may have it right – the only way we can kick this habit is cold turkey when the last affordable drop is burned….
I guess the colder it gets, the higher the oil prices will go. Greater demand and all of that figures into it. Maybe we’ll get some more global warming and the demand for oil will slip and prices will fall. High fuel prices are killing airline profits, average automobile drivers and are hell for the people operating buses and big buildings. Maybe global warming is good. Although the whole planet could get too hot and the icebergs could all melt, all hell could break loose and we could end up with higher air conditioning costs. Hell could freze over before we get the world climate under control. It’s hot and cold and all screwed up. Some jobs are easier than others. Once oil prices reach so high, nobody will be able to afford to do stuff like fly on jet or drive a car. You can burn wood to heat the house and cook. Maybe they’ll start to raise the taxes on fire and firewood next and you’ll need a federal permit to keep warm. I think that gasoline taxes will need lowered next or you’ll just go broke filling the car tank. You can stop driving. I’ve stopped flying. Look forward to more airlines going broke and more busted out airline pension funds. That’s the price of oil. Halliburton is making a mint and Bush understands the economies and politics of oil. Iraq may burn like an oil fire from hell and consume what is left of the U.S. economy.
All the oil based problems go away. Sure, everybody is just going to stop using oil and start going on trips in space. Where do you get the tickets for this? They closed down my city and the company relocated in space, now I have a two million mile commute. Maybe we can all buy new spacecraft and trade in our cars. Don’t fly into the sun. I think I’m stuck here on earth, I hope gasoline stays under 3 bucks a gallon. It could go higher than $3 a gallon. Iraq is getting more expensive too. Buy a Humvee and laugh it off.
This may yet lead to the next big world recession.
It will hit the US drivers hard because of your current love affair with humongous cars, but you too can learn to love tiny fuel efficient cars. If everyone drives a SMART then there’s nothing to fear if another SMART hits you. And think about all the stuff you’ll be able to do with the money you save! That will buy us time to develop efficient hydrogen or fuel-cell cars, and pain will be minimal…
Or we can do it the hard way… which is what I think will happen…
BTW, Iraq and this President of yours are killing your economy, in case you haven’t noticed (some of you have)… Maybe the world should form a coalition to oust him off the presidency and restore democracy in this (still) great country of yours.
This is part of my theory that we didn’t invade Iraq to guarantee a source of cheap oil, but to close down a source of uncontrolled oil on the open market. I believe we invaded Iraq so that the Saudi’s, Kuwaiti’s, and the big oil corporations could reap profits with the help of the President they put into office.
This is what we get for the Federal Reserve inflating away the money supply. When foreign central banks start spending their dollar reserves, their first purchase will be oil.
“The sky is falling! The sky is falling! Run for the hills!…”
A world-wide recession based on gas prices?! Come on people. You cannot be serious.
The market will adjust to this change. As gas goes up, individuals and businesses will make decisions to accommodate this change. Speaking purely in relation to transportation (which is not all that crude is used for obviously), people will drive less, buy more fuel efficient cars, or simply pay more. Businesses will do the same, passing those additional costs onto consumers. Businesses that utilize more cost-effective transportation will compete more successfully against businesses that do not.
Environmentalists should be thrilled. As the cost of gas goes up, people will find alternatives and/or use less.