Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
RE: More oil news from Houston, and it's all bad.
I don't know dude - I ended up in Texas after the economy collapsed in New England in the mid seventies due to the great oil shock of that time, and I mean it collapsed. It took ten years to recover from it. Texas has always had it easy - during the oil crises of the seventies, they were pumping lots of oil and made a ton of money. During this next one, they are going to make a killing on high refinery margins. But the rest of the country is going to get hurt bad if they break the $75 a barrel mark. Just do the math - a twenty gallon tank, a fill-up per week, at $3 a gallon, that's $240 a month for gas. Add in the other cost increases caused by the rise, and then figure in that most of that money is going to leave the country. You are talking a major jolt for the economy. At a $105 a barrel, you going to go beyond major jolt to a severe kick in the ass. How is the average smuck going to afford $100 a week for gas?
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address