Quote:
Originally Posted by =Stephens=
If anyone remembers the Gulf war in 1991, gas went down to .79 cents a gallon.
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I remember 75 cents a gallon as recently as the fall of 1999.
Quote:
Originally Posted by Ivas
It's a high cost we're paying now, but it was higher before. In equivalent dollars, I believe the highest price for gasoline was in late '79 or early '80. I was driving taxi then and paying for it every 12 hour shift. It wasn't cool at all...
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All time inflation adjusted high was the 2008 bubble. Adjusted for inflation, 1979-80 was slightly lower than where we are now. And there was an actual supply disruption then with gas lines. (So either speculator shenanigans are going on, or the "official" government inflation numbers are a lie....probably both).
Quote:
Originally Posted by Kurushio
Well unless the middle east wants another recession or even a depression and have oil prices go below 35 a barrel again, prices better go down. High oil means everything goes up from a new car to bread at the store. Most of OPEC believe's 100 a barrel is a fair price but i think the Saudi's said 75 would be a fair price and is why they usually go over the output they are supposed to do.
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Quote:
Originally Posted by IrocJack
10 yrs from now we will all be saying, "remember when gas was $4.00 a gallon"
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And we will be looking back on these times as bad ones. Malthusians have always been wrong long term (just like the Keynesians.) Coal oil, shale oil, tar sands, and most recently, hydro-fracing, and probably a few other unconventional methods no one has thought of yet will keep us well supplied with energy (if not oil itself) in the years to come (just like with natural gas now, which we had supposedly begun to run out of just 5 years ago).
The current price has nothing to do with supply either, as the market is still well supplied. Traders are buying everything in sight for any reason they can think of because the Fed money is free. All the buying is being done through easy borrowing. Eventually, the debt will have to be paid back, and the commodities bubble will burst. The 2008 bubble burst, the housing bubble burst, the tech bubble burst....every Fed bubble always has and always will burst, and this one is no different. Just a matter of time.
No reason to freak out. Be angry, yes, but don't freak out.