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Posted on 04/12/2012 6:03:25 PM PDT by blam
I'll take it!
” Why High Oil Prices Even At $200 Won’t Cause A Recession “
Won’t cause a recession because we’re already in one - it could, however, transform the current recession into a full-blown depression....
When you have to pay more for gas to get to the grocery store to pay more for groceries and every thing else you start scrimping. That shows up in the overall economy.
Is this guy just looking at what people pay out at the pumps?
Is he not looking at all the other products (including heating oil) that the high cost of oil is pushing up? Everything you buy is going up due to transportation costs.
This article is breath-takingly stupid....museum quality stupid. $7 gas will ensure a recession and civil unrest. The fact that Europeans pay more is irrelevant. Europeans don’t have the transportation needs or housing patterns we do. $7 gas (which means very expensive diesel, too) will also send the cost of food through the roof.
I disagree with his implicit assumption that we are not already in a recession. Yah yah I know it ended in 2009, except here we are three years later and the job situation is only getting worse each month.
That said, oil at $200 a barrel leading to $6+/gallon gasoline will take the last few dollars of any number of people and small companies still trying to get by — commuters, contractors driving from job to job, any delivery service, etc.
It’ll cause a Flukeing recession at my house...that’s enough.
In my economy, higher gas prices have done great harm. None of the people care about what some dude calling himself an oracle thinks.
We just know that our money is disappearing with high food and gas prices.
No vacations or fun anymore. Obama is responsible for that.
May he rot in a dark place.
If Americans would drill more then expensive oil would be good for the economy. Here in Canada, the value of the dollar rises and falls with the price of oil; several years ago, when our dollar was worth $0.70, a Royal Bank economist predicted that our dollar would reach par when oil hit $100. Our dollar passed parity when oil was ~$98.
and when the poor go on welfare because they lost their jobs because they can no longer afford to drive to work and back and still pay for food and rent???
Stupid article written by a complete dumb-ass.
“With Federal Reserve Chairman Ben Bernanke’s zero-interest-rate policies in place until 2014, and the chance of yet more “stimulus,” it is indeed possible we will see oil at $200 per barrel.”
Just as long as Federal government salaries and free transportation stays above the effects....As for the rest.....
.....ride bicycles, like China.
This comparison is quite incompetent. The attentive observer would immediately want to know how many gallons per year are bought by the average euro vs the average American motorist. What percentage of disposable income would 8 to 10 dollar gas absorb from the average American vs the gas bill for the average euro.
The average mileage for Americans is from 12 to 15,000 miles per year. For the UK, by comparison, it is around 9200-9500 miles. With better mileage per gallon, most likely, as well. Probably even less on the mainland.
Breathtakingly stupid - I couldn’t have said it better myself.
I’m sure that for old Marty...the price of hi-test for the 5 series Bimmer is a pretty irrelevant day to day expense.
However...for the rest of us peons and peasants.....it’s becoming ever more the bulk of our discretionary income.
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