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What happens when gas hits $50 per gallon?

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KillCapitalism Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:53 PM
Original message
What happens when gas hits $50 per gallon?
I believe we may see that price sometime within the next year or two. I won't be able to work at my current job, but luckily there are a lot of services within walking distance of my home. Will this be the end of all automotive travel at that point? I wonder what $50/gallon will do to the economy.

PS - When it happens, everyone remember to thank Bush. :mad:
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:55 PM
Response to Original message
1. It will not take fifty to kill it
four to five will be enough to get MANY people off the road

Though public transport will see a spike in service

Hell, as is I don't drive as much as I used to
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Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:55 PM
Response to Original message
2. If we hit that price
anytime in the next decade there would be a total societal breakdown.
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MADem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:55 PM
Response to Original message
3. Start pedaling....! NT
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LakeSamish706 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:57 PM
Response to Original message
4. I don't expect to ever see that price... You would have serious rioting on the streets...n/t
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:00 PM
Response to Reply #4
7. LOL
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dweller Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:01 PM
Response to Reply #7
25. $49.99.999999999 or BUST!
GET A HORSE!

dp
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:11 PM
Response to Reply #25
26. A donkey!
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nearwildheaven Donating Member (3 posts) Send PM | Profile | Ignore Thu Mar-13-08 10:42 PM
Response to Reply #4
21. Just my 2 cents
I got my driver's licence in January 1981, and at that time, gas was around $1.50 a gallon which makes this the highest gas prices ever, when adjusted for inflation. They were talking "$5 a gallon by 1985" which is what it already cost in parts of Europe, and thanks heavens that didn't happen!

I happen to think these gas prices are artificially boosted anyway. Katrina was just an excuse to do so.
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uppityperson Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:57 PM
Response to Original message
5. The problem is not simply driving to work but things like food costs.
Food prices have already risen, steeply, due to increased fuel costs. Will this be the end of food being transported from far away?
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MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 09:59 PM
Response to Original message
6. $50/gal?? I want some of what you're smoking.
The most we're going to see within 2 years is $5.

A lot of what's going on with the price of oil is based on the horrible U.S. economy and the devaluation of the Dollar. It'll correct long before we see $6/gal gasoline, much less $50
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KillCapitalism Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:05 PM
Response to Reply #6
9. Devaluation of the dollar will be a major factor.
We'll easily have $50 per gallon (or worse) if we have the same style of hyperinflation Weimar Germany had, or that Zimbabwe. It WILL happen, no economy is completely immune from collapse.
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El Pinko Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:11 PM
Response to Reply #9
14. "WILL" is a strong word. It COULD happen...
...and I agree that no economy is immune from collapse, but the US still pulls a lot of economic strings around the world and has a much greater impact on the world economy than Weimar Germany ever had. Zimbabwe has had hyperinflation of late, but Zimbabwe's influence on the world economy is nil.

If the US goes down, many economies go down with us, taking their currencies as well. We are not the only nation with massive overleveraged debt. So the collapse of our partners' currency would mute the effects of any massive devaluation to a significant degree.
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MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:13 PM
Response to Reply #9
16. Yes, all empires fall...but we're not going to see hyperinflation in the U.S. any time soon
...not in the next 2 years, at least.

I'm a cynic. I always plan for the worst. I see things getting very bad, but nowhere near postwar Germany. If for no other reason, the rest of the world has too much of an interest in our continued viability.
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DadOf2LittleAngels Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:46 PM
Response to Reply #9
31. As bad as the US economy is and could get I dont see the conditions for a zimbabwe
Mugabe is the cause, he took all the productive capacity for that nation and handed it to people who could not be productive. There was cause and call for some changes and some redistribution but the schedule and conditions he did it under was suicide.

As the Weimar Germany if the us defaulted on its loans (which is the trigger there) there is little chance foreign powers would take over our productive regions of the us..
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bulloney Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:44 PM
Response to Reply #6
22. A lot of today's oil prices can be blamed on speculative investors.
Der Spiegel recently reported that speculators hold as much as 45% of all oil contracts.
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Lex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:02 PM
Response to Original message
8. It won't happen. We'll all be dead before that of no food.
Unless you have a mighty nice garden and some serious canning skills, that is.



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El Pinko Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:07 PM
Response to Original message
10. If we see that price it will be due to hyperinflation/dollar devaluation, not oil prices per se.
I could see $10/gal prices at some point in the next decade - assuming the dollar's value holds somewhat.

The ONLY way we will see $50 gas is if there is a Mexican Peso/Weimar Mark-magnitude devaluation of the dollar over the next few years. I hope it doesn't happen, but the fed seems intent on making it happen...
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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:07 PM
Response to Original message
11. You may have to wait until 2025 or so for that
Even so, I suspect that there'll be a lot of tipping points and systemic effects in America when prices rise above $5.00 per gallon.

Yep- and can thank both Reagan, the far right Republicans and the complicity and cowardice of the Democratic "leadership" for leaving the country ill prepared for the eventuality.
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Cooley Hurd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:10 PM
Response to Original message
12. Mad Max was an awesome movie!
:evilgrin:
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Vinnie From Indy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:11 PM
Response to Original message
13. There would be a tsunami of money rolling into alternatives
at a price well below that number. At $50. a gallon, coal fired steam engine cars would be much cheaper.
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taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:11 PM
Response to Original message
15. I will not change my driving habits one bit
until gas goes over $8/gal. I will be annoyed, though.
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OwnedByFerrets Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:44 PM
Response to Reply #15
23. Thats just wonderful for you
I have had to already change mine. And, we should change our driving habits whether we can afford it or not. Sheesh.
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taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:17 PM
Response to Reply #23
27. I gotta get to work somehow
:shrug:

I already have a fuel efficient car.
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Sandy2k Donating Member (20 posts) Send PM | Profile | Ignore Thu Mar-13-08 10:17 PM
Response to Original message
17. We'd all be dead just paying what they pay in the UK or Germany.
We'd all be dead just paying what they pay in Europe.

They pay 8 in France and 9 in the Netherlands. For US gallon at Current Exchange rates.
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Birthmark Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:19 PM
Response to Original message
18. What happens?
Nothing. Nothing at all. Ever again.

Okay, a bit dramatic, but I couldn't pass it up.
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wuushew Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:20 PM
Response to Original message
19. Didn't Marty pay $50 for a Pepsi in Back to the Future Part II?
Edited on Thu Mar-13-08 10:28 PM by wuushew
Fusion, self-drying clothes and hover-boards by 2015 seem a pretty sweet deal for a little inflation.

If the price of gas were $50 adjusted for inflation, yeah that would suck big time.
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Occam Bandage Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:32 PM
Response to Original message
20. Your alarm clock goes off and you wake up.
Edited on Thu Mar-13-08 10:32 PM by Occam Bandage
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RedCappedBandit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:22 PM
Response to Reply #20
28. If you can afford to power it.
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Kelvin Mace Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 10:52 PM
Response to Original message
24. $50 in the next two years?
Edited on Thu Mar-13-08 10:53 PM by Kelvin Mace
Uh, no, I don't think so.

$6-$8 is possible. $10 if Precious Leader attacks Iran.
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DadOf2LittleAngels Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:24 PM
Response to Original message
29. It might keep me from moving back east..
Right now I live 3 miles from work, 1 mile from a supermarket, 1 mile from a big-box store, and half a mile from sams club..

Im in Minnesota so th winters will be hard but I could walk it if I had to..

My wife and I are planning on moving back to WNY but the economy and setup I have in MSP is *far* better..
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stewert Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:24 PM
Response to Original message
30. $50 a Gallon?

Send me some of what your smoking, because that must be some good stuff. Gas will never hit $50 a gallon, let alone within the next 2 years. At $50 a gallon nobody but millionaires would be able to afford to drive anywhere.

My Father only has about $200 a month to spend on gas, at $50 a gallon that 4 gallons of gas would last him about a 5 days, if that.

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Yavin4 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 11:54 PM
Response to Original message
32. Thunderdome!
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