If you think that 'war for oil' in Iraq is bad today, wait until there is $800 oil and $50 gas. Then you'll see real shock and awe and there will be no mistaking that we are at war for oil. The U.S. will send 2 tiny little National Guard units to Canada and secure Alberta's oil sands deposits.
But seriously...I would predict a US nationalization of the resource before that happens. We'll go Chavez on the U.S. oil fields, and open up the continental shelf, etc. before it gets there. We're not going to let oil destroy the U.S. economy. It is absolutely in nobody's interest to have the world's superpower along with its 14-trillion GDP go down the tubes and bring everybody else along for the ride. Besides, do you think China, India, Russia, Japan, and all of Europe could handle $800 oil?
Russia would love it. Those Chinese and Indians wouldn't mind using mopeds that use little oil but with so many people it would still be a large demand.
Every oil exporting country would love it, but they would need buyers of the product. $134 oil is stressing the world economy today, so we don't even need to extrapolate what higher costs would do.
I wouldn't mind buying a little Honda moped if it keeps going higher. Or -- maybe a Suzuki SV 650!!
I've seen guys on street corners screaming that alot of things are possible. Let's give it some time before we start assuming an almost 800% increase in price.
Jacob Schlottke---Gone too soon, and the world is a little less bright because of it. RIP, brother.
One, two, Evans is coming for you...
We'll see how many sweet doggers ditch their tanks and buy a Prius when a gallon of gas costs $10. Nice.
Ford announced today they are cutting truck and SUV production by 15%. In my estimation, that is not enough. My brother-in-law is a manager of a Chevy dealership near St. Louis, and he told me that truck and SUV sales are getting to be impossible. People that own them are also having a difficult time unloading them.
I live in a well-to-do neighborhood, and at least 3 of my neighbors are leaving their Tahoes and Silverados in the garage M-F and will only use them for the occasional Menards rock haul on the weekend.
The problem with all of these tanks is that the U.S. car and truck sales have been essentially 50/50 over the last 20-years. So, there are multiple tens of millions of gas guzzling trucks and SUVs out there still lumbering around on our roads.
FWIW when driving to Colorado and back I have never seen so many just bought used car stickers in my life. People seem to be buying them like crazy.
I am 49, bald, ugly, and don't own a single cool thing. Kids like me though.
[quote=Cyclone85;67273]If you think that 'war for oil' in Iraq is bad today, wait until there is $800 oil and $50 gas. Then you'll see real shock and awe and there will be no mistaking that we are at war for oil. The U.S. will send 2 tiny little National Guard units to Canada and secure Alberta's oil sands deposits.
Alberta would put up a good fight