Looks like oil is going to close at $110/barrel today, just 30 bucks short of the $140/barrel price that caused this great recession.
Since Obama has spent every minute of his spare time bad mouthing this industry and running off business- the only question that remains is if the impact of these policies will play a big role in ousting him from the white house this November.
And I saw Yahoo spinning a story saying America is better equipped to handle higher gas prices today than earlier. Maybe only because less people are working in the Obama recession so people don't need petrol for those long commutes.
Thomas Sowell: There are no solutions, just trade-offs.
I saw that yahoo crud myself- a really weak list. We are no better off today than in 2008- I would argue we are less able to handle an oil spike today.
We are trillions more in debt- many millions more out of work- many millions more living on the edge. We are not better able to handle this today- and contrary to the reporters opinion- we have not been buying new more efficient cars- many of us are still driving the same car as in 2008.
Only a New Yorker could be that dense about the reality of our economy today.
BearMtnHIB wrote: Looks like oil is going to close at $110/barrel today, just 30 bucks short of the $140/barrel price that caused this great recession.
Wow....so it was the price of oil that caused the recession. I guess that lets the bankers, wall street, and mortgage companies off the hook. I'm sure they will be happy to hear that. Thanks for clearing that up.....
Anyone who really thinks oil is going to go up more in the near future should buy a few hundred or thousand gallons of deisel.
At some volume the cost of the tank will surely be less than the gain over the time period you are going to store it. If you bought 1000 gallons in say 99 when things were around a buck, it would be worth 5x today or around $5k? I think we could see a 500% gain again in the next 10 years, I hope not, but it is not unrealistic.
Even today, you could buy a 1000 gallon tank on a trailer in denver, drive it to Conifer and fill it with gas and drive it to Fairplay and sell it for a profit beyond your expenses and a $20/hour wage...and it would still be less than the gas in Fairplay. I just mention this for the unemployed, as when gas gets more expensive, the 10% premium we pay in the mtns becomes a larger absolute number and you can start to build a business around it. For the real opportunist vs. the person looking for a job, any shift in the environment creates many opportunities for gain. Perhaps the gas tax should be a flat tax per gallon, so that when the prices go 5 fold like the last decade, that taxes do not also go up 5 fold...
...see there is this other thread about obama not caring about the price of gas, but romney wont either when he gets in....the system is set up so that the higher prices go, the more absolute money the govt gets, thus those that work in govt have strong incentives NOT to do anything that decreases the price of gas, or income, or the value of anything that is taxes on the % basis. Again because only 1/10 people even understand %, it is a great tool to manipulate your money away from you and make you think really big numbers are small and really small numbers are big...and it works for 90% people (that is about 270,000,000 Americans).
"Laying bare the impact of investor nerves over rising tensions in Middle East, oil prices spiked late Thursday amid reports of a major pipeline explosion in Saudi Arabia.
Oil for April delivery jumped almost 2% to $110.55 a barrel in after-hours electronic trading, a nine-month high after the two reports, which were both from Middle Eastern media. Senior Saudi officials quickly denied that any explosion had occurred, sending prices back down.
That investors could react so drastically to unverified reports points to the "underlying fear" about a potential supply disruption in the Middle East, said Dave Chatterton, an analyst at ..."
BearMtnHIB wrote: Looks like oil is going to close at $110/barrel today, just 30 bucks short of the $140/barrel price that caused this great recession.
Wow....so it was the price of oil that caused the recession. I guess that lets the bankers, wall street, and mortgage companies off the hook. I'm sure they will be happy to hear that. Thanks for clearing that up.....
It wasn't one thing that caused the recession, it was a gathering of events, like a perfect storm. Some say it was even the Dems declaring that 2005 was the worst economy since the Great Depression started it all off. Once people zipped up their wallets, and didn't keep buying more expensive houses, worried about losing their jobs, etc, started an avalanche.
Little did the Dems know the worst economy since the Great Depression would come under their watch. "Hoist by thier own petrard?"
Thomas Sowell: There are no solutions, just trade-offs.
Little did the Dems know the worst economy since the Great Depression would come under their watch. "Hoist by thier own petrard?"
