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New Mideast war = $5.00 gas, good deals ahead?

B

boredhokie

Senior member
Anyone else expecting to find some good deals when the gas starts ramping up soon due to more "uncertainty"? $100/barrel isn't out of the question - I'm hoping to find some nice estate sales from people who couldn't afford to drive 50 miles to work each day anymore.
 
The day gas hits $5.00 a gallon is the day I take my chances riding my bicycle to work down the interstate.

EDIT: Oh, and I can laugh at everyone while my little four-banger gets 28 MPG city. 😀
 
When that happens this country will be quick to start drilling in local places that are currently off limits due to environmental regulation.

As for gas that expensive, many other nations get by just fine with thoes prices. The cost of fueling a car will not go up by 10K or something ridiculous, it will be manageable for the majority of the population. The people who "can't afford to live" because of increases in fuel costs probably can't really afford to live as it is.
 
If gas hits $5/gallon, enough people will be removed from the highway that rush hour traffic will disappear. Everyone will carpool, bike, or, horrors of horrors, ride the BUS! But at that point the bus might cost $3 to ride! O_O

Most people will just bite the cost and factor it into their budget. I suspect many people will try to give up their SUVs if they're just doing suburban/urban driving.
 
Originally posted by: SampSon
When that happens this country will be quick to start drilling in local places that are currently off limits due to environmental regulation.

As for gas that expensive, many other nations get by just fine with thoes prices. The cost of fueling a car will not go up by 10K or something ridiculous, it will be manageable for the majority of the population. The people who "can't afford to live" because of increases in fuel costs probably can't really afford to live as it is.
Click to expand...
The economy will be in for a hit and inflation will go into rapid mode, because cost of food, supplies, transportation, and labor will be up.

 
Originally posted by: Xanis
The day gas hits $5.00 a gallon is the day I take my chances riding my bicycle to work down the interstate.

EDIT: Oh, and I can laugh at everyone while my little four-banger gets 28 MPG city. 😀
Click to expand...

I can laugh even harder beause my litte four-banger gets 58 MPG (~75% city driving) in the summer.

 
I don't think the war will be going on long enough for the oil price to be significantly affected.

So far it's Lebanon being pounded back to the Stone Age which they just recently came from, and Lebanon is not an oil player. Gaza strip is being flat-ironed, and it's not making any oil policies either. Iran could be a significant factor, but for now its leaders preferred to say they don't have any captured soldiers on their territory to avoid further escalation.

Israel right now has a goal of wiping out all Hezbollah posts along the border to prevent missile attacks. Right now they have a carte blanche for that. As soon as that goal is complete, I think everything will back down.
 
SampSon has a good point that most other countries live with $5/gallon gas prices and get by just fine. If we weren't so stubborn, we would be way ahead of the game by now.
 
Originally posted by: JinLien
Originally posted by: SampSon
When that happens this country will be quick to start drilling in local places that are currently off limits due to environmental regulation.

As for gas that expensive, many other nations get by just fine with thoes prices. The cost of fueling a car will not go up by 10K or something ridiculous, it will be manageable for the majority of the population. The people who "can't afford to live" because of increases in fuel costs probably can't really afford to live as it is.
Click to expand...
The economy will be in for a hit and inflation will go into rapid mode, because cost of food, supplies, transportation, and labor will be up.
Click to expand...
The country and economy will adjust accordingly. Gas prices have doubled since 2004 and tripled in under 10 years. Inflation hasn't kicked into ultra high gear and the economy isn't crashing down. Historically gas prices are stable and still represent only a small percentage of income and operating costs. Gas here is still ridiculously cheap and most likely stay that way until the sky comes crashing down!
 
Originally posted by: SampSon
When that happens this country will be quick to start drilling in local places that are currently off limits due to environmental regulation.

As for gas that expensive, many other nations get by just fine with thoes prices. The cost of fueling a car will not go up by 10K or something ridiculous, it will be manageable for the majority of the population. The people who "can't afford to live" because of increases in fuel costs probably can't really afford to live as it is.
Click to expand...

Even if we drilled everywhere we could it would be such low percentage of our usage, and even less of the global market, that it would essentially have no effect on prices. That's not even considering even if you start drilling somewhere today, it takes at least 10 years or more before that oil would even get on the market.

All that aside, finding new oil is still not an exact science. We have areas we think have a relatively good chance of having larger pockets of oil, and for the most part, it usually will, but the amount they think is on a site is purely estimates. They may spend years working a site to find it has oil, but not enough to be worth trying to get.

The future might be drilling in the deep ocean, but we are limited by current technology.

A better short term solution would probably be to drastically increase our refinery capacity as soon as possible. This would have more of a direct effect on prices, and would have other benefits like making the prices stabilize, and not go up or down everytime it freakin rains somwhere.. 😉



My .02...

🙂

Edit:

5...4...3...2...

/cue post by Dave about oil companies, aliens , and WWIII or something...

😛
 
I hope you're right. If I could get a deal on a car with poor MPG based on the middle east situation I'd be all over it.
 
Originally posted by: Xanis
The day gas hits $5.00 a gallon is the day I take my chances riding my bicycle to work down the interstate.

EDIT: Oh, and I can laugh at everyone while my little four-banger gets 28 MPG city. 😀
Click to expand...

and i laugh my jetta gets 33 😀
 
Hummer must be hurting...

I saw an advertisement for a hummer where a guy gets all these pansy groceries and the guy in the checkout isle over has all this manly food.

The guy hops in his crappy car and goes to buy a hummer, and then on the screen it says "get your manhood back"...

I'd rather get a hummer than drive one 😉
 
Originally posted by: Baked
Meh, went to my usual gas station for fill up today. Same price. No price hike yet.
Click to expand...

they keyword is yet. I topped off today (only used 1/4 tank) cause I don't want to pay the 10-25c "premium" thats going to go on the gas(thats already in the tanks!!) over the weekend. What can you do though? gotta get to work.
 
The oil companies could drill every pocket of oil in every nook & cranny in America, and it won't drop the price of gasoline/oil at all. There is no shortage of oil, in fact, we're at an 8 yr hgh in product availablilty. What is driving the price thru the roof, is the speculators, betting that the impending mid-east troubles (continuing?) will create a shortage. Coumpounding the problem, is that the oil companies are in the mix of speculators, even though many of them own their own oil fields, refineries, and distribution systems. So, if the price goes up, they make more for their product, even though it costs them the same to drill, pump, refine, and distribute it...if they have to pay more for the oil they buy, they just pass that added cost on to the consumer, so they STILL make their profit...win-win for them...
 
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