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Originally Posted by oldandslow
We'll agree to disagree then. I would argue that supply is much tighter than you indicate. Further, even if crude production is ongoing, we are talking about using trillions of barrels in a little over 150 years. It ain't being made at nowhere near that rate.
BTW just for giggles...
Year Cost (gas) Jan 1
1918 $0.25
1928 $0.21
1938 $0.19
1948 $0.27
1958 $0.31
1968 $0.35
1978 $0.84
1988 $1.02
1998 $1.17
2008 $3.06
Obviously the greatest leap in nearly 100 years was between 98 and 08 - The great depression only impacted gas by 2 cents (demand destruction). The 70's crisis more than doubled it. That caused a major recession (the Carter years) Now we are talking about tripling it. Ugh.
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thus bring on the recession so all the speculators can lose oodles of money to write off in there taxes (assuming there subject to U.S. taxes) for the next few years. then life can return to normal
