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Thread: How long till we see lines at the pump or oil prices at $200 per barrel?

  1. #10

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    I have to agree. I said it long before we ever had to ponder this that they can charge $50 for a gallon of gas and we will pay it; gas has what economists call "inelastic demand." We simply have to buy it, and NOTHING will lower the price of it, if they don't want to lower it.

    Our current patterns prove this. We are still buying as much gas as we were before we went into Iraq and these prices started their climb.
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  2. #11

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    It'll take time for people to react. There was a big oil shortage back in the 70's (before my time) and people started buying more gas efficient cars and moving closer to work/taking public transit. Then gas got cheap again and everyone went out and bought houses in the suburbs and big SUVs. Now gas is going up and people are buying more gas efficient cars and automakers can't give away SUVs. People are changing their ways and will continue to as long as gas stays so expensive.

    Oil is an inelastic good, but is isn't perfectly inelastic so as prices go up consumption will go still go down (it just won't decrease as much as the price increases). The high price of oil is also increasing demand for other energy sources which will speed the development of these alternatives.
    There's no such thing as a pretty good aligator wrestler.

  3. #12

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Quote Originally Posted by ban basketball View Post
    Our current patterns prove this. We are still buying as much gas as we were before we went into Iraq and these prices started their climb.
    How many prius's was toyota selling before we went into Iraq and how many are they selling now?
    There's no such thing as a pretty good aligator wrestler.

  4. #13

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Quote Originally Posted by FloggingSully View Post
    How many prius's was toyota selling before we went into Iraq and how many are they selling now?
    True, but consumption patterns have been constant.
    UNI Panthers...Because it's just right.

  5. #14

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    From Big's article:

    "In the United States, the world’s most oil-thirsty nation, consumption has actually fallen a bit because of the economic slowdown."

    As long as prices continue to rise, consumption will decrease and investment in alternatives will increase. I think Al Gore had a plan back when oil was under $2 to tax it up to $5/gallon to drive innovation in alternatives. Al is a smart man.
    There's no such thing as a pretty good aligator wrestler.

  6. #15
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    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Due to economic slowdown. So, what you are essentially saying is that the economy is getting worse due to oil pricing being so high.

  7. #16

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Big,
    You asked me "did you read the article above? It states normal economics don't work when it comes to oil consumption."

    I provided a quote from your article that say exactly the opposite of what you claim the article is saying. Prices increase, people consume less. If they are consuming less oil, that's a good thing for any number of reasons.
    There's no such thing as a pretty good aligator wrestler.

  8. #17
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    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    No, what it says is that things like credit crises caused people to have less money, buy fewer cars and drive or fly less, not necessarily oil prices.

  9. #18

    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Having less money decreases demand, higher prices also decreases demand. Both likely contribute to the current decrease in consumption of oil. If you had even a basic understanding of economics you'd already know that.
    There's no such thing as a pretty good aligator wrestler.

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