Dire predictions about gasoline prices »
Posted By STONERS 5 months, 1 week ago in Business & FinanceTheir cars may not be left to rust away by the roadside, but economists from one of North America's largest banks say millions of Americans will not be able to afford to drive their cars within the next few years because the price of gasoline will have risen so much.
Read Full Story at centralvalleybusinesstimes.com »
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STONERS5 months, 1 week ago
"By 2012, there should be some 10 million fewer vehicles on American roadways than there are today -- a decline that dwarfs all previous adjustments including those during the two OPEC oil shocks," says Jeff Rubin, chief economist and chief strategist at CIBC World Markets. "Many of those in the exit lane will be low income Americans from households earning less than $25,000 per year. At their current driving habits, filling up the tank will have risen from about seven per cent of their income to 20 per cent, an increase that will see many start taking the bus."
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jimdoze5 months, 1 week ago
Last Sunday Joe Biden was running very hard for VP on Meet the Press. He was hitting all the talking points with animation and conviction... the most interesting of which was that the high price of oil is "a gift to the American people."
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wtagg5 months ago
In many ways it is. It will be the only reason we find the will to remove ourselves from the dependence on foreign energy sources.
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AlertVoter5 months ago
Do these guys have a crystal ball or what? All of these expert opinions crack me up. Congress can't even agree on whether gas prices are the fault of the evil oil companies or the evil speculators, but these guys know what the price will be four years out.
That said, Congress is amazing. They don't even consider the possibility of supply and demand (China's and India's oil use has risen dramatically), or that their (Congress's) policies have been aimed at just this eventuality by artificially restricting the oil supply side preventing development of our domestic reserves, which far exceed those of the entire Middle East, if you count oil shale.
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baddad59Comment removed: User banned.
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TheRealizer5 months, 1 week ago
Yes they may take the bus if they live in a place that has bus service and if their job has not been outsourced...
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birddog54Comment removed: User banned.16 Replies
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baddad59Comment removed: User banned.
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mivan45 months ago
Were not saying worry about alternatives latter, we are saying work on alternative NOW, but fix refining and capacity problems we are going to be using oil yet for a long time to come IF you are realistic about it. Most other sources so far presented take as much or more power to make than they yield. Oil has a 8-1 advantage power in v power out. Yes we need to continue research Which even the research itself requires oil! Just as slide rules helped develop computers. Lets not dispose of slide rules until we have something better!
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INDYANKK5 months, 1 week ago
exactly sunny... we need to invent and innovate....invest in finding out alternative energy sources...this is an SOS call to the governments of the world...
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Natureboy5 months, 1 week ago
"We would not buy them so they did not build them."
The cart before the horse.
Actually, they would not build them so we did not buy them. Obviously, we cannot have been expected to buy vehicles which the big three did not opt to build.
In addition, our helpful gummint gimicked the safety regs so that foreign vehicles which were/are outlandishly fuel efficient were banned from import. Visit www.japanoids.com for a look at some.
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mivan45 months ago
There were several electric cars built in the 80's. They quit being built because VERY few people bought them. They had short range, very limited room and options. People wanted SUV's lots of Options lots of room and lots of driving range!
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mmrhe5 months, 1 week ago
Birddog
Exactly what new taxes are you talking about?
The gimmick "tax holiday" McCain quickly retreated from after Obama called him out or the "new tax" on people making over $250,000 who have had a free ride for eight years?
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simonsez5 months, 1 week ago
Free ride, huh. Those people making 250,000 are paying out $125,000 of it in Federal, state, FICA/medicare taxes.
I know you think they owe more ...
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bonaroo5 months, 1 week ago
simonsez
If you're making $250,000 and paying 50% in taxes, you need a new tax consultant. I'd be glad to help you out :-)
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TheRealizer5 months, 1 week ago
Please quit yelling...There is a caps lock on most computers.
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