How high is gas going to go before the economy collapses again?

[Mr. Big Dog 10,747]

Intervention from government is surely the absolute last thing you would be wanting?

Actually, intervention from the government would the best hope to get those prices down. Let the hammer fall on commodity speculation and the oil price will get back into the range that current demand and supply justify. Always be sure to remember that whenever you fill up, Wall Street is thankful.

[Obama 2012 1,714]

Actually, intervention from the government would the best hope to get those prices down. Let the hammer fall on commodity speculation and the oil price will get back into the range that current demand and supply justify. Always be sure to remember that whenever you fill up, Wall Street is thankful.

Who do you hammer down on though is the question?

If we hammer down on commodity speculation overall, the effects a lot more than the price of a barrel of oil.

Everything from individual investors, to big 401k companies speculate on oil.

I don't like it one bit, but at the same time how do you do something without bringing down all commodities?

The prices would come down if the Fed would do something smart with the dollar. The question is when are they willing to do something about it.

[Mr. Big Dog 10,747]

Who do you hammer down on though is the question?

If we hammer down on commodity speculation overall, the effects a lot more than the price of a barrel of oil.

Everything from individual investors, to big 401k companies speculate on oil.

I don't like it one bit, but at the same time how do you do something without bringing down all commodities?

The prices would come down if the Fed would do something smart with the dollar. The question is when are they willing to do something about it.

I don't have a problem with commodity prices being driven by supply and demand w/o the useless speculation layer in there. Do you?

Edited April 29, 2011 by Mr. Big Dog

[Obama 2012 1,714]

I don't have a problem with commodity prices being driven by supply and demand w/o the useless speculation layer in there. Do you?

Of course not. Oil would be back down between $30-$40 a barrel if that were the case. Gas prices would be $1.50/gallon.

All would be good.

That's something that is very hard to change figuring how many things it effects though.

[Mr. Big Dog 10,747]

Of course not. Oil would be back down between $30-$40 a barrel if that were the case. Gas prices would be $1.50/gallon.

All would be good.

That's something that is very hard to change figuring how many things it effects though.

It's hard to change only because Wall Streets drives D.C. and Wall Street loves that commodity casino.

Edited April 29, 2011 by Mr. Big Dog

[Vi-Jay 218]

This is almost as entertaining as watching the "Goonies".

Edited April 29, 2011 by Vi-Jay

[Zero Sum 305]

It's hard to change only because Wall Streets drives D.C. and Wall Street loves that commodity casino.

And that is pretty much the majority interest in that game. Can we all agree it would be good for Uncle Sam to step in against its Wall Street masters or are we going to let them off because they are the free market?

[Obama 2012 1,714]

And that is pretty much the majority interest in that game. Can we all agree it would be good for Uncle Sam to step in against its Wall Street masters or are we going to let them off because they are the free market?

Wall Street cannot be touched without eliminating the Federal Reserve first.

Either that or bring it under the full control of congress as it should be.

[Vi-Jay 218]

Either that or bring it under the full control of congress as it should be.

Did you just suggest more regulation and bigger government?

OMG! I'm gonna throw up!

Somebody, hurry, suspend that man's VJ account!

[Zero Sum 305]

Wall Street cannot be touched without eliminating the Federal Reserve first.

Either that or bring it under the full control of congress as it should be.

Imagine Congress doing just that.

[Gary and Alla 3,694]

nancy Pelosi fixed that in 2007. You are imagining things.

[slim 1,533]

It isnt a smart decision considering my circumstances. I cant sell my house in this market for anything close to what I paid for it.

Well, then weigh your gas costs against the loss you'd take on your house. Probably a bargain!

How about working closer to home?

Not a smoker and I cant afford to drop 40,000 on a electric car.

What about Starbucks or a coke and bag of chips at break time? Are you packing your lunch already? Do you have premium cable channels? Full coverage on your automobiles? Life insurance?

I bet you have a cell phone or two that's more than $60/month. Drop that and the increased fee you're paying for gas disappears!

It already sounds like you're paying for a home that you can barely afford. What are you going to do when gas is $10/gallon?

lmost all of us have a habit or two and a few monthly expenses we could get rid of to compensate for increases in gas prices. Almost everyone in America lives in a house they pay too much for or rents a place that's more than what they need and too far away from anything of substance. If you'd move to a smaller, cheaper place that's closer to what you frequent, you'd be amazed how much money you could save. You'd barely notice the increased cost of gas.

Im not in habit of choosing the wrong option.

That's wonderful. Might I also suggest learning from the past?

Did anyone really think gas would never return to the levels it was at a few years ago? Did you really think "Oh, they have a handle on it now, we'll be fine?" If so, you should probably not let it happen to you a third time.

Undoubtedly they'll do something to get gas back down to where it's "OK" again. Last time it was up to $5 and they got it back down to around $3 again and we didn't feel so bad. What most folks didn't consider was that was still about 30% higher than it was before the "spike." If it's up to $5 again soon (and it probably will be) we can expect it staying 30% (probably more like 40%) higher again this time. That'll be a permanent increase and additional cost we'll have to accept. - Or not.

Our need to depend heavily on oil is coming to a end but it takes time and there is no reason to screw people over in the meantime. Lets use more of our own resources.

How are we getting screwed over? We have some of the cheapest gas in the whole world and it's not like you have to drive anywhere. You're free to stop buying gas anytime you'd like.

Don't want to pay for it? Don't use it!

And that is pretty much the majority interest in that game. Can we all agree it would be good for Uncle Sam to step in against its Wall Street masters or are we going to let them off because they are the free market?

It's never good for Uncle Sam to step into anything.

Wall Street cannot be touched without eliminating the Federal Reserve first.

Either that or bring it under the full control of congress as it should be.

I'm hoping you're referring to congress keeping the dollar strong after the FED is gone and using that instead of adding more regulations to the gasoline industry.

[Gary and Alla 3,694]

In 1980-1988 when Iran and Iraq were at war (a real war) the price of oil dropped to $10/barrel because the only way to fund anything, including their war, was to sell oil. Caused a crisis in Texas, but who cares about them anyway, right?

I suggest we pull our troops out of the region and let them have at it. We'll buy the oil to fund it and sell them bullets to get the money back.

[Vi-Jay 218]

In 1980-1988 when Iran and Iraq were at war (a real war) the price of oil dropped to $10/barrel because the only way to fund anything, including their war, was to sell oil. Caused a crisis in Texas, but who cares about them anyway, right?

I suggest we pull our troops out of the region and let them have at it. We'll buy the oil to fund it and sell them bullets to get the money back.

[slim 1,533]

In 1980-1988 when Iran and Iraq were at war (a real war) the price of oil dropped to $10/barrel because the only way to fund anything, including their war, was to sell oil. Caused a crisis in Texas, but who cares about them anyway, right?

I suggest we pull our troops out of the region and let them have at it. We'll buy the oil to fund it and sell them bullets to get the money back.

I've long thought we should pick up the red phone and tell the Israelis we're going to close our eyes for about a month. After that, we'll buy our gas from whomever can produce it the cheapest.