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

  1. #1
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    Default How long till we see lines at the pump or oil prices at $200 per barrel?

    I give it ----------2 years!


    As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supply would rise as producers opened the taps to pump more.

    But as prices flirt with $120 a barrel, many energy specialists are becoming worried that neither seems to be happening. Higher prices have done little to attract new production or to suppress global demand, and the resulting mismatch has sent oil prices spiraling upward.

    http://www.nytimes.com/2008/04/28/bu...il-WEB.html?hp

  2. #2

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

    "basic economics suggested that consumption would fall and supply would rise as producers opened the taps to pump more"

    -Someone on the radio the other day was argueing that supplies are willing to produce more, but they're having trouble finding buyers since refineries aren't able to get loans to buy more oil due to the credit crunch.

    -And consumption will fall in time when people have a chance to adapt to the higher prices (buy different cars, move closer to work, etc).
    There's no such thing as a pretty good aligator wrestler.

  3. #3

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

    Wait until all of the comedian Rush Limbaugh listeners start giving his idea of what is causing this apparent mismatch. It was on his show today, and, as usual, people will parrot everything that the comedian said.
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  4. #4

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

    What's Limbaughs idea about what's causing the mismatch?
    There's no such thing as a pretty good aligator wrestler.

  5. #5

    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
    What's Limbaughs idea about what's causing the mismatch?
    It's all because of liberals. In this specific case, Hugo Chavez. Chavez has apparently nationalized oil (doubtful) and it has led to him hoarding supplies and not allowing access to it, thus making prices go up.

    Great theory, but what about when we went into Iraq, before Chavez was in power, and the price skyrocketed overnight?
    UNI Panthers...Because it's just right.

  6. #6

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

    Wasn't Chavez trying to send free oil to the US this past winter? Its been a while since I had an economics class, but giving something away for free probably won't jack up it's price.
    There's no such thing as a pretty good aligator wrestler.

  7. #7
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    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Sully do you honestly think Americans adjusting their habits will offset 3 billion people in China and India wishing to drive?

  8. #8

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

    If you don't think consumption will fall as prices increase, you should probably do some reading on basic economics.
    There's no such thing as a pretty good aligator wrestler.

  9. #9
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    Default Re: How long till we see lines at the pump or oil prices at $200 per barrel?

    Sully, did you read the article above? It states normal economics don't work when it comes to oil consumption. In other words people will stop buying all the other things before they stop driving.

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