$10 a Galllon in the US, a possiblity?
04-29-08, 06:59 AM
#31
I agree that gasoline will not be $10 at the pump anytime soon definitely not this year short of Bush bombing Iran but if people think it's going to see that kind of price, I'm saying there are ways to hedge/cap your fuel expense.
I don't think we'll actually see $10 a gallon here in America, or even $8 like you theorize...I only said what I thought would happen IF it did.
Americans have been reluctant to cut back on the driving even with the current high prices, but sooner or later there will be no choice. You can't keep robbing from Peter to Paul....cutting back on other things to keep the tank full....forever. I'm also concerned that there will be an increase in gas-stealing and siphoning, especially in many domestic-nameplate vehicles that don't have locking gas caps.
Americans have been reluctant to cut back on the driving even with the current high prices, but sooner or later there will be no choice. You can't keep robbing from Peter to Paul....cutting back on other things to keep the tank full....forever. I'm also concerned that there will be an increase in gas-stealing and siphoning, especially in many domestic-nameplate vehicles that don't have locking gas caps.
04-29-08, 07:11 AM
#32
http://www2.nysun.com/article/75363
While $7-$10 a gallon would be ground-breaking in America, these prices would not be trendsetting internationally. For example, European drivers are already shelling out $9 a gallon (which includes a $2-a-gallon tax).
While $7-$10 a gallon would be ground-breaking in America, these prices would not be trendsetting internationally. For example, European drivers are already shelling out $9 a gallon (which includes a $2-a-gallon tax).
Yes, in Europe we pay $9 a gallon, however, 70-75% of this is tax and sales tax (yes, they charge sales tax on fuel tax - go figure). So of that $9 gallon, $6.75 is tax and the fuel is $2.25 a gallon i.e we pay pretty much the same as in the US once the tax component is taken out. The price of oil could go from $100 a barrel to $200 a barrel and double the cost of fuel but I can't see that resulting in much more than a hike to $5, possibly $6 a gallon. That's a significant increase but if hybrid technology improves only slightly and cars start averaging 40mpg consistently, some of the sting will be taken out.
Just as a footnote, all cars here have locking fuel caps because fuel thefts are not uncommon, whether it be petty crims out with a jerry can and a length of tube, or organised gangs siphoning off truckers' fuel tanks as they sleep. Filling stations use CCTV to log car numberplates as drive offs without paying are a problem when a tank of petrol can cost $120.
04-29-08, 07:33 AM
#33
these damn oil brokers and speculator are going to ruin the world economy, gas prices can only increase so much before you plunge the world into a recession because it starts becoming too expensive to do simple business, much like how housing prices got out of control in some parts of the US. Look what happened there
04-29-08, 11:40 AM
#34
Im seriously considering working to get a motorcycle license this summer just to be prepared.
If gas hits $5 or more, here is my personal solution
Im sure the road by then should be clear enough to make riding a little safer.
Personally, I don't care much for bikes but it is sure alot better than driving a Yaris, Prius, or taking a bus
If gas hits $5 or more, here is my personal solution
Im sure the road by then should be clear enough to make riding a little safer.
Personally, I don't care much for bikes but it is sure alot better than driving a Yaris, Prius, or taking a bus
04-29-08, 01:52 PM
#35
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The main problem here is a very difficult world market for oil, and some things beyond our control. You can thank the growing demand for oil in Asia....particularly China with its exploding economy......for pushing up world demand. You can also thank international oil speculators who bid the price of crude up for unjustifiable means....sometimes it borders on panic. You can also thank the fact that the environmantalist crowd, here in the U.S. is preventing new drilling and refinery construction. We also have delayed somewhat in our conversion from gasoline and diesel fuel to other non-petroleum fuels for cars and trucks. We can't do anything about the Asian economies, but we CAN control the other factors...and we better get moving, especially on new drilling and refineries. The American public is not going to put up with $10 a gallon....when that happens, the anti-drilling and anti-refinery politicians will be swept clean out of office. It will be a political blowout.
04-29-08, 02:21 PM
#37
Dysfunctional Veteran
$392 a month to fill the civic...
$98 a tank!!! im walkin.
as far as public trans goes, what about upstate NY, we dont even have any kind of buses here.
$98 a tank!!! im walkin.
as far as public trans goes, what about upstate NY, we dont even have any kind of buses here.
04-29-08, 02:40 PM
#38
whatever, everybody needs to calm the **** down. gas will be cheap again. Our economy can't support much higher prices. its only gone up 60 cents and people are talking about 5-10 dollars a gallon? Are you kidding?? Speculators are just putting those numbers out there, so you won't be so surprised when they inflate prices. Gas got down to $1.96 in december 06. just drive less, drive easier, and ride out the storm.
04-29-08, 02:46 PM
#39
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whatever, everybody needs to calm the **** down. gas will be cheap again. Our economy can't support much higher prices. its only gone up 60 cents and people are talking about 5-10 dollars a gallon? Are you kidding?? Speculators are just putting those numbers out there, so you won't be so surprised when they inflate prices. Gas got down to $1.96 in december 06. just drive less, drive easier, and ride out the storm.
04-29-08, 03:25 PM
#40
i guess gas is going to be one of those "back in the day" stories. I remember filling up my honda civic with 15 bucks. I remember when gas was 2.50 and i was a broke college kid. I wish prices were still 2.50. Its getting closer and closer to 4 bucks. 
04-29-08, 03:28 PM
#41
Lexus Test Driver
Gas was $2.50 (regular) as close as last november....
04-29-08, 05:16 PM
#43
Have to keep in mind that gas prices do not react quickly to changing market conditions such as supply, demand, etc. It takes a while before increases in crude oil equate to higher fuel prices. That stated, gas will no doubt go up at least .60 in a couple of months as supply is still up while reserves are shrinking for all of the major suppliers. Where will it peak is the unknown but do not expect any $3.00 gas prices any time soon.
04-29-08, 11:43 PM
#44
Lexus Fanatic
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Not sure about $10.00 but $7.00 is a certainty in a few months
That Prius sure is also looking good.
Hate to be a pessimist,
the retail sector is already in dire straights,
Stuff like clothing retailers are hurting because the world is awash in over supply pressuring margins to nothing.
continued dramatic increase in crime, etc.
Of course then there are those that say the economy is just fine and going through an adjustment.
My first mortgage in 1985 was 12.75%. My first car loan in 1983 was 13.5%. Unemployment and inflation in the 70's was much higher.
I'm not saying there's no bad things - but a WHOLE BUNCH of it is based on 3 things:
1) MASSIVE overtaxing and overspending by govt at all levels causing diminished incentives and personal spending power,
2) we're in the hangover after a drunken orgy of irrational housing investing and unqualified buyers CAUSED by the govt's loosening of lending standards
3) the stranglehold of regulation and environmentalist pressure that has crippled our energy industry so we must rely instead on corrupt tyrants.
And we're going to look to the govt for solutions? They're the PROBLEM.
04-29-08, 11:47 PM
#45
Wow, you went ahead and picked apart every little thing you could; surely you are watching the news. The riots, the crime, and not just in one city, the economy and not just in your neighborhood. Gas is guaranteed to climb to $5.00 very shortly (months?) says practically every economist minus Fox news. It may dip a bit as it always has but will climb further once consumers are used to the price. Food? Did you miss all of the rioting? Have you noticed the prices of groceries? Retail sector? Come on, perhaps the negative comp sales numbers were missed and not just a couple here and there. Sorry, but the world is facing a few problems and all is not rosy. This is not the 70's anymore. Of course many things eventually will get better-just not at this moment. Nothing wrong with being realistic about the problems we face as I would rather take a few steps now to be prepared vs following the herd if and when the message is very clear at a later time. 
There were many economists (plus a few on this board) as recently as early last year that said future housing issues were overblown and that the housing market would not be impacted. We know better now.
I believe it has hit $118 since then with a strike overseas and plant problems.
There were many economists (plus a few on this board) as recently as early last year that said future housing issues were overblown and that the housing market would not be impacted. We know better now.
The United Nations Secretary-General, Ban Ki-Moon, says the world must act quickly to prevent food shortages - otherwise there'll be unrest on an unprecedented scale.
Leaders of the world's food agencies and the Food and Agriculture Organisation have met in Switzerland to set up a special food taskforce.
The UN wants extra money, on top of the recently pledge $755 million, to buy food for the needy.
Spokesman Alex Cherniglia says only dramatic action can make a difference.
"We need to look to the future and farming methods, and providing farmers with low cost feeds and fertiliser," he said.
"We also need to be looking at the issue of export tariffs, which create bottlenecks in the food system.
"There are many many issues to look at."
With thousands of people rioting in a dozen countries, including Bangladesh and Egypt, the UN secretary-general's spokesman Alex Cerniglia says only dramatic action can make a difference.
"The United Nations has that ability to bring all countries on board and provide that sort of world wide focus that would be difficult to get any other way," Mr Cerniglia said.
Leaders of the world's food agencies and the Food and Agriculture Organisation have met in Switzerland to set up a special food taskforce.
The UN wants extra money, on top of the recently pledge $755 million, to buy food for the needy.
Spokesman Alex Cherniglia says only dramatic action can make a difference.
"We need to look to the future and farming methods, and providing farmers with low cost feeds and fertiliser," he said.
"We also need to be looking at the issue of export tariffs, which create bottlenecks in the food system.
"There are many many issues to look at."
With thousands of people rioting in a dozen countries, including Bangladesh and Egypt, the UN secretary-general's spokesman Alex Cerniglia says only dramatic action can make a difference.
"The United Nations has that ability to bring all countries on board and provide that sort of world wide focus that would be difficult to get any other way," Mr Cerniglia said.
THE world is only ten weeks away from running out of wheat supplies after stocks fell to their lowest levels for 50 years.
The crisis has pushed prices to an all-time high and could lead to further hikes in the price of bread, beer, biscuits and other basic foods.
It could also exacerbate serious food shortages in developing countries especially in Africa.
The crisis comes after two successive years of disastrous wheat harvests, which saw production fall from 624m to 600m tonnes, according to the United Nations’ Food and Agriculture Organisation (FAO).
Experts blame climate change as heatwaves caused a slump in harvests last year in eastern Europe, Canada, Morocco and Australia, all big wheat producers.
Booming populations and a switch to a meat-rich diet in the developing world also mean that about 110m tons of the world’s annual wheat crop is being diverted to feed livestock.
The crisis has pushed prices to an all-time high and could lead to further hikes in the price of bread, beer, biscuits and other basic foods.
It could also exacerbate serious food shortages in developing countries especially in Africa.
The crisis comes after two successive years of disastrous wheat harvests, which saw production fall from 624m to 600m tonnes, according to the United Nations’ Food and Agriculture Organisation (FAO).
Experts blame climate change as heatwaves caused a slump in harvests last year in eastern Europe, Canada, Morocco and Australia, all big wheat producers.
Booming populations and a switch to a meat-rich diet in the developing world also mean that about 110m tons of the world’s annual wheat crop is being diverted to feed livestock.
Crude oil prices are up 77 percent from a year ago, with crude oil for May delivery settling yesterday at $108.50 a bar rel on the New York Mercantile Exchange.
OMAHA, Neb. — Billionaire Warren Buffett said Monday that the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.
Buffett said in an interview with cable network CNBC the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.
Buffett said in an interview with cable network CNBC the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.
(CEP News) - U.S. unemployment levels rose in 36 states and Washington, D.C. in March, while 5 states reported improving employment conditions and 2 registered no change, according data released Friday by the U.S. Bureau of Labor Statistics.
Crude Oil Price by OIL-PRICE.NET ©
03:16 - $ 115.57
52 Wk Range
115.36 - 115.78
1 Year Forecast
$150.24 / Barrel
03:16 - $ 115.57
52 Wk Range
115.36 - 115.78
1 Year Forecast
$150.24 / Barrel
Last edited by Pearlpower; 04-30-08 at 01:17 AM.