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The Specter of Gasoline At $5 a Gallon
Hugh Pickens writes "The NY Times reports that gas prices are already at record highs for the winter months — averaging $4.32 in California and $3.73 a gallon nationally. As summer approaches, demand for gasoline rises, typically pushing prices up around 20 cents a gallon. But gas prices could rise another 50 cents a gallon or more, analysts say, if the diplomatic and economic standoff over Iran's nuclear ambitions escalates into military conflict or there is some other major supply disruption. 'If we get some kind of explosion — like an Israeli attack or some local Iranian revolutionary guard decides to take matters in his own hands and attacks a tanker — than we'd see oil prices push up 20 to 25 percent higher and another 50 cents a gallon at the pump,' says Michael C. Lynch, president of Strategic Energy and Economic Research. A sharp rise in the prices of oil and gas would crimp the nation's budding economic recovery would cause big political problems at home for President Obama, who is already being attacked by Republican presidential candidates over gas prices and his overall energy policies. On the other hand, environmentalists see high gas prices as a helpful step toward the development of alternative energy. Secretary Treasury Steven Chu notably said in 2008 'we have to figure out how to boost the price of gasoline to the levels in Europe' to make Americans trade in their 'love affair with the automobile' for a marriage to mass transit. In the meantime President Obama is in a bind because any success in tightening sanctions on Iran could squeeze global oil supplies, pushing up prices and causing serious economic repercussions at home and abroad."
In Europe we already pay around €1.60 per litre, which is almost $9 per gallon. Get over yourselves America. You are 4% of the world population using 25% of it's oil. There's your problem right there.
Well, our 4% of the population has the largest GDP per capita than anyone else in the world. In other words, yeah, we use the most energy, but we also produce the most stuff with that oil.
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You are a liar, http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita shows the US at around 10 or lower. But then, you quote Reagan, I suspect facts and figures just enrage you.
THIS site would disagree. Granted, the US is number 7, but only two European counties come in before that. Most of the countries in the top 7 are large oil exporters such as Qatar, Kuwait and the UAE.
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I was going to say - if I only payed $5.00 a gallon I'd throw a party. Right around $8.50 (give or take based on the exchange rate) a gallon is what I consider normal.
I assume you realize that your high gas prices are the result of high taxation and not natural market forces. You live in a democracy, right? Maybe you should do something about your own high gas prices rather than criticizing those of us that do. Unless, of course, you like paying more, then good for you. Stop berating those of us who like to pay less.
You're not being berated for paying less. You're being berated for whining about it while abdicating your responsibility to the international community by being fuel hogs.