High gas prices and the new Pony

Z28x · May 26, 2004

FinlayZJ said:
False. OPEC is not concerned. Saudia Arabia is. The other 10 countries see only $$$$ as they charge over $40 a barrel. Iran said it will back a "usual" bpd increase. But no one knows what "usual" means. The head of a major oil refinery (Valeco or something, I can't remember exactly) stated that about $5 of the barrel cost increase is due to our media spinning everything out of control. Every "analyst" thinking that gas will run out next month, no next week, no tonight at 6:00 write an article. They all think they know it all, write an article, the media picks it up and then the hype is on, driving prices up. Saudia Arabia said there is no reason to drive prices this high, and the rest of OPEC said tough cookies. They even said SA's extra 1.5 million bpd wont affect barrel cost, even though it should. Another major reason for this is the fact that OPEC stands to make millions because they agreed on these outputs a year or so ago, before the Chinese went oil crazy (along with steel). So the quotas are being pressed by the Chinese, increasing price here in the states. And due to the horrid public transportation in 99% of America, the oil companies are finding out they can charge whatever they want and we will pay it. However, some companies are starting to see the slow down in our economy as we lose $$ to pump prices, and steal from other things we would have purchased. OPEC announced today they expect $40+ barrel's to be the norm for a good long while. The also scorned Saudia Arabia for wanting to drop barrel price down the $35. Just give it time, the world economy will start to collapse, and barrel price will crash down to $20 or less, just like it did last time OPEC did this. Only SA sees it's going to happen and is trying to prevent it.

Yup, get ready for a double dip resession. Presedent Bush didn't help by adding more instability to the Middle East. What happened to this "war for oil"? I thought the war in Iraq was going to make gas cheaper than water

SVTdriver · May 26, 2004

Z28x said:
Yup, get ready for a double dip resession. Presedent Bush didn't help by adding more instability to the Middle East. What happened to this "war for oil"? I thought the war in Iraq was going to make gas cheaper than water

You actually listened to the people who said. This was going to make oil cheaper. Boy were those morons wrong.

1995cobraR · May 28, 2004

???

The original post is a very good question. Will the price of gas effect all of the current "best selling" cars/trucks/SUV's (inc. the V-8 stang)?

It did in the 70's. I remember when you could buy a Shelby Mustang for $1000. People were dumping muscle cars, and it seems the smart ones bought them up and restored them. That same Shelby sells for $30-50K (and more) now.

Why doesn't anyone complain about the taxes of a gallon of gas? If they suspended the taxes on gas in GA, gas would be half as much.

MustangGT01 · May 28, 2004

It is already affecting SUV sales in my area. Dealerships are selling alot less "heavy" vehicles and seeing more hybrids being requested because of fuel costs. The story seems the same all accross the country. I wonder how long it will run though. There may be a few of us here old enough to remember the electric cars of the 70's and early 80's. All them damn batteries in the back to run the motor made the cars really heavy. I'm already looking at these for driving here, also from the 70's and 80's...

Dorean trike.

Indy/Sportcycle

Z28x · May 28, 2004

I just found this out the other day: A 5.7L LS1 Camaro gets better milage than a V6 Mazda 6

Mazda 6 (Manual)
3.0L DHOC V6 w/ VVT 10.0:1
220HP/192tq
19/26 mpg

'02 Camaro SS (manual)
5.7L LS1 V8 10.1:1
325HP/350tq
19/28 mpg

http://www.fueleconomy.gov

scottie1113 · May 28, 2004

Yep, and I've read reports that people routinely get 30 mpg on the highway with the Corvette.

Taxes do have an impact on the price of gas, but our governments have to raise money from somewhere and taxes are the answer. Be glad we don't pay what Europeans do! But then, they've got a great train system, which we don't.

SUV sales are down in my area as well. I think it's funny that people who bought them a couple of years ago are dumping them for more fuel efficient cars. They'd rather lose thousands on a huge depreciation hit than spend a few bucks more every month on gas. Penny wise and pound foolish.

1995cobraR · May 28, 2004

scottie1113 said:
Taxes do have an impact on the price of gas, but our governments have to raise money from somewhere and taxes are the answer. Be glad we don't pay what Europeans do!
They'd rather lose thousands on a huge depreciation hit than spend a few bucks more every month on gas. Penny wise and pound foolish.

Scottie,
Great posts. I agree that the gov't needs to raise tax revenue, but I recommend a "suspension" of gas taxes until the price stabilizes at a lower level. It helps everyone and could make a politician famous. I agree it would be a complex formula but the Federal tax code is already complex (so why not add to it?).

I just returned from Europe. Two Italian Neapolitans tried (I sucker punched them both) to mug me at a train station. Thank goodness I don't have to use a train as transportation here. Of course, Europeans pay more for gas because their taxes are even worse than ours. They have alot of beautiful sites in Europe, but I was very happy to land back in the USA.

Just like some people sell stocks at the low and buy 'em at the high, some people will dump their higher mileage vehicles when gas is at the highest level. At that point gas prices will probably drop.

Just a redneck's 2 cents.
Doc

scottie1113 · May 28, 2004

A savvy redneck.

MustangGT01 · May 28, 2004

I lived in Europe, more specifically Czech Republic, for almost 8 months. I used every part of their transportation system they had including the trains. Everything was smooth and great. When we had to do the paperwork to make my wife a permenant resident we started off on a train, hopped a bus, jumped a tram, and rode the subway all day. When the price of diesal went up those people actually did something about it. The truckers and farmers in particular that were affected most. They had no problem parking their rigs and tractors in the roads untill the government got off their ass and did something about the prices. Nothing says "I'm pissed and ain't taking it no more!!" like a bunch of drunk bohemian's and moravian's clogging up the roadways. American's have lost the balls to get the governments attention like our ancestors. High taxes are the result. I think it's high time for another "tea party" to get the governments attention.

scottie1113 · May 28, 2004

I recall reading about similar actions by French truckers. It worked then as well.

Hmmmmmm.. Your tea party idea is starting to sound good to me.

SVTdriver · May 28, 2004

Of course it's a good idea. But it needs to be a LOT of people. Not just small roque groups.

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