Oil Thread

[Wagner]

http://news.yahoo.com/s/nm/20080704/ts_nm/oil_price_dc

Anyone else getting tired of the media telling you daily how in shock you should be by oil prices? I'll admit, when it first breached $100-120/bbl that was monumental, consider oil was $20/bbl in 2001. However, now I believe it is incremental at least in larger scale westernized nations. The effects had already played through and shown where the problems will occur. For instance food/transportation costs (which lead to inflation in standard goods), costs for travel which leads to vast declines and in case some bankruptcies in business. However, I think the western cultures (US for example) have already begun to respond. AAA was quoting drops in driving that have never been heard of, along with limits to the amount of miles traveled by "Joe Public". The US auto industry has also responded by every member of the "Big 3" changing their collective direction. Not to mention last week was all a 'media flutter' with the possibility that GM would be knocked out of its number one spot by Toyota. That didn't play out and of all the 'losers' GM was the least hit.

While I do believe things will get more costly and their will still be more adjustments, I don't believe it is nearly as much of a shock as it was originally. Now, I would be far more curious to see how these recent explosions in costs effect developing economies, like China. It is rumored the US economy is more then happy with a falling dollar because that means less interest on outstanding loans from foreign governments. It will be very, very interesting to watch the game play through with new administrations in the US, the eventual end of the Iraq debacle (my prediction is that the current situation is over in the next 2-3 years). I have already noticed less "complaining" and more "responding" by the average person. It also seems as thought the mis-guided US Congress and their whopping 18% approval rating, is simply late to the game. Now they are introducing possible bills with no point. "Changing the speed limit..", etc., are simply grasping solutions for a problem they don't understand. They went down the "grill execs route" to no avail, followed by "Wallstreet drove up the cost" and that failed, now they are simply on to "hey how about the average person changes their whole life around because we can't figure out what to do?".

IMO, Congress should just stick to what they do best, nothing. Simply wait for the next administration to come in so they can then blame that group for their lack of ability. My only hope is that the new administration changes something, anything. I believe that is possible with whomever is elected.

I would like to know why people seem to be of the mindset that Democrats are some how better then Republicans, since the change over to a Democratic Congress yielded nothing but an all-star piss poor approval rating. Remember the Dems huge promises of ending the Iraq war, and "controlling the purse strings" that accomplished nothing.

Tangent over

[MrLabGuy]

These high oil prices are being celebrated by the Left because the high price of gas is causing people to drive less and consider more fuel efficient vehicles. Just look at the glutton of SUV's on the used market which are not moving due to the high price of fuel.

Yes...Even Obama let is slip that he is in favor of the higher price of fuel but you won't see the true extent of his position nor will you see him do anything if elected to bring the price back to what it was just a year ago.

Wake up Middle America.

[LobsterX]

Originally Posted by Wagner

http://news.yahoo.com/s/nm/20080704/ts_nm/oil_price_dc


IMO, Congress should just stick to what they do best, nothing. Simply wait for the next administration to come in so they can then blame that group for their lack of ability. My only hope is that the new administration changes something, anything. I believe that is possible with whomever is elected.

I would like to know why people seem to be of the mindset that Democrats are some how better then Republicans, since the change over to a Democratic Congress yielded nothing but an all-star piss poor approval rating. Remember the Dems huge promises of ending the Iraq war, and "controlling the purse strings" that accomplished nothing.

Tangent over