Dire predictions about gasoline prices »
Posted by: STONERS 2 months, 1 week ago148 Comments Report this Story
Their 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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STONERS2 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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jimdoze2 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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AlertVoter2 months, 1 week 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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TheRealizer2 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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mivan42 months, 1 week 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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baddad59Comment removed: User banned.
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INDYANKK2 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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Natureboy2 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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mmrhe2 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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TheRealizer2 months, 1 week ago
Please quit yelling...There is a caps lock on most computers.
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JoseMadre2 months, 1 week ago
Everyone knows I can't stand Obama, but you are clearly an idiot.
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mmrhe2 months, 1 week ago
Huh, Is that why they are the only fraction of the economy to see any real gain in income over the past eight years?
Get Real Simon....
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simonsez2 months, 1 week ago
We'll adjust and survive like we always do.
Things will actually be better by then unless, of course, the world ends in December 2012.
If it does, I guess it won't matter if we can afford gas.
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mmrhe2 months, 1 week ago
He's not Bonarooo....He uses numbers for dramatic effect sometimes.
He Just Cain't Help It....
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slate2 months, 1 week ago
Let's see. Where is this new thing that will make vehicles go, illuminate the night and make our computers fire up? Where is this thing that will heat and cool our homes and provide the plentiful cheap energy we as humans need today as well as tomorrow?
When can I see that new 'product' sitting at the corner store where we now fill our vehicles? Will we have it in weeks, months or years? If years then how many years, 1-3, 3-7 more than 10?
If we drill in the Gulf of Mexico, it would take 1.5 years to see the oil, a little longer (5-6 years tops in areas where there is no infrastructure in-place. Does it not make sense to use what we have as we wait for the next thing? Did man not use buggy whips as they were making the transition to motor vehicles, once they became cheap enough for the common Joe to have them?
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slate2 months, 1 week ago
I understand the reasoning of not wanting to drill. You that hate it feel that it will only make us prolong the wait for the new stuff. Why can't you get the fact that we have no new stuff right now that can simply replace oil? It is a 'future' reality and in the meantime we will still use oil for all our energy needs. If congress just signs the bill allowing us the right to drill and increase the supply of oil in the world the speculators will drop the price almost immediately. In the meantime we will pay less and be able to have more funds to do further research into the magic bullet that will give us what we need.
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slate2 months, 1 week ago
Simply doing nothing to increase the world supply of oil (thus reducing it's price) in the meantime is wrong headed and counter productive. Once they have you out of your cars then they have won, and not drilling only will result in that happening even sooner. You too will be walking, not just the poor, they'll just be walking for a while before you.
I have yet to see the thing that will make a vehicle run down the road that doesn't take oil, unless it's solar panels on your car, which are not a cheap thing. Face it, if all you are going to do is make it too expensive for everyone to own and operate a vehicle, then the elites did win in the end. They will still have their houses that burn 20 times the energy, their jets and their expensive vehicles and they tell us to take a hike, or a bus.
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mark-stevens2 months, 1 week ago
To the uninformed, the oill companies can drill off the coast except California and New Jersey. The oil companies have 65& of the oil drilling agreements, they are trying to get all of the oil leases to have a monopoly. Besides Japan and British Petroleum have most the U.S oil anyway!
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mmrhe2 months, 1 week ago
Slate....Look at the numbers. It won't make that big of an impact but I do understand your point.
The problem I think is many people won't trust Big Oil when they promise it'll be cleaner and safer this time.
Especially with this Prez!
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slate2 months, 1 week ago
SUpply and demand,,,,, you add to the supply and you have cheaper goods,,,, for example a bumper crop vs a lost one.
I can tall you this, India and China are growing a
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