On Friday, Wall Street suffered its worst single day loss in nearly two years when the Dow Jones industrial average plunged 191.24 points. It was the third straight triple-digit decline, which last occurred in January 2003.
The sell-off was blamed on increasing worries that the U.S. economy — the locomotive for the global economy — could hit a “soft patch” worse than the slowdown of last spring and summer, which followed spikes in gasoline and energy prices.
prices at the pump are about two weeks behind the price of oil. This reduction in price is very temporary. Watch for gas to shoot right back up and well beyond what it was before. And yes, its totally assfucking the enconomy. Thanks W.
Stay out of the boost. Going to State College a few weeks ago, I got 32-34 MPG on the highway. Now last night, I was up there and did 90-155 the whole way back at 4 am, you could actually watch the gas gauge going down.
Everyone has a doomsday theory. $5/gallon ain’t happening in the near future (i.e. within the next 5 years) unless there is some sort of MAJOR supply disruption, like, say, Saudi Arabia getting Nuked or that big ass oil company in Russia (I think its called Pekos) going in the shitter b/c of all the money they owe to the government.
I’ve been doing alot of research and theory on China, their demands, especially on Oil, Concrete, and Raw Steel, and how it affects the world economy for one of my economics classes at school. China released some projections that their demand was going to be WAY down, like 10 to 12% this year. That, along with OPEC’s statement of raising BPD output, caused prices to dip. I honestly think prices will get up around $2.45 to $2.50 sometime this summer, then as fall approaches they’ll be closer to $2, somewhere around 2 to 2.15.
I’m no economist, but those prices are what I get from my research (just a little) and alot of what some of the petroleum reserve, world bank, and IMF economists have been saying.
I can’t fucking stand all this talk about the gas prices. Who gives a fuck. I will not change driving habits until the gas gets to about $6/gallon. If you can’t afford to drive your car, don’t fucking drive it. At least quit bitching about it. Gas prices should have moved up a long time ago to where they are now, but they have stayed low and now everyone just wants something to bitch about. Would any of you seriously not buy a car because of the gas mileage it gets? I like driving my truck and will continue to do so, even though it gets less than 10 MPG.
