Will the skyrocketing price of gas/oil drive this economy into a major depression?

With a mess of a war with no end in sight,


an ever increasing trade deficit,


a dollar that is continually worth less and less,


inflation through the roof,


will the absurdly high gas prices be the final straw that drives most Americans to soup lines?





I've heard estimates of the prices going higher....maybe upwards of $8.00 a gallon. This means that everything else will nearly triple in price.......WOW!!!





Is there an end in sight? or will this be the 'end' for life as we know it in the US?Will the skyrocketing price of gas/oil drive this economy into a major depression?
Yes, without any doubt. Our dollar is fast deflating to a point of no near recovery. Our stock market is very unstable, except for the oil companies and they will destroy this country for the sake of their profits and not even look back. Our economy is oil driven by everything we do. Getting to and from our jobs, going to the grocery store, getting our children to and from school because now days very few children walk to school. Our lives are on the cusp of a drastic change.Will the skyrocketing price of gas/oil drive this economy into a major depression?
in the past every time the price of gas/fuel jumped up the economy ended up tanking to some degree





a big part of it though is that the Dollar is crashing in value down 50% from 5 years ago and that makes everything we import (especially fuel) seem more expensive





i wouldnt rule out any price for gasoline as long as the dollar continiues to drop and people switch thier money to the Pound, Euro and commodities (Oil, Gold, Copper, Steel, etc)
Nah, so long as Americans learn to use their cars less there won't be any serious problems - though giving up cars might be the same thing as the ';end of life as we know it'; to a lot of Americans. It may even prove to be a good thing if it forces people to adopt a more economically sustainable lifestyle.
Whats wrong with riding bikes to work. we used to ride them for far less important reasons. I don't think of China when i think of bike riding. the only problem is that this would mean a big downsizing of businesses and lets face it. they may leave home but they never forgot the road back and they will return .
The price of oil hasn't gone up, the dollar has gone down. The price of oil is entirely flat as against the price of gold.





The devaluation of our dollar is both a symptom and a cause of our woes, and only Ron Paul would address it.





http://www.youtube.com/watch?v=XaxdUPNYj鈥?/a>
Considering that Bush %26amp; Co. purposely did not use food or gas price inflation in the last quarterly economic outlook report, which showed inflation at a low 2.9% , one can reasonably assume that we are already in a recession and headed downward for the time being.
The economy grew (although at a very modest .6 percent last quarter. Jobless claims were down several hundred thousand (I believe) last month. No depression here - just going to take some more time to get out of the curent slow down (minor recession).
I think it will get worse before it gets better.But in time things will come back around and gas will go down. Not to the $2.00 mark but $2.59 maybe when all is said and done.
No, that's not how recessions or depressions are caused.





Rising energy prices have an inflationary aspect, but that's not necessarily recessionary.
that's the idea, soon the drilling rights to the Alaska will open and the Bush/Cheney/Clinton power base will be secure for another 100yrs.
economist think it will level out at about $4 a gal. Which is lower than any country in Europe......and they aren't in a depression.
It's aleady in a recession.
It has all the makings of the ';Perfect Storm';
it's happening right before our eyes...
Environmentalists' Wild Predictions


BY WALTER E. WILLIAMS





....';In 1968, Professor Paul Ehrlich, Vice President Gore's hero and mentor, predicted there would be a major food shortage in the U.S. and ';in the 1970s ... hundreds of millions of people are going to starve to death.'; Ehrlich forecasted that 65 million Americans would die of starvation between 1980 and 1989, and by 1999 the U.S. population would have declined to 22.6 million. Ehrlich's predictions about England were gloomier: ';If I were a gambler, I would take even money that England will not exist in the year 2000.';....





...';doomsayers have always been wrong. In 1885, the U.S. Geological Survey announced there was ';little or no chance'; of oil being discovered in California,...';





click link below to read the entire article
No, I think the housing market will cause most banks to go under.
Well- technically we are already in a economic recession. The government say we aren't, but that doesn't change reality.





The economic mess will be around for quite some time- and MANY factors have caused it.





As for the ';end of life as we know it in america'; - do you mean by ending our outrageous gluttonous behavior of having the biggest and lest efficient everything at the world expense? Yeah pretty much.





As for fuel economy- we have one of the worst- CHINA has better fuel economy standards than we do. Fuel is what makes or economy go round, trucks, cars, and planes. We have a commodity based economy that isn't backed by anything other than interest rates.





It was predicted last year that oil will go over $100 a barrel some time this year- that happened QUICK. By the end of the year it's predicted to be $200 a barrel, which on avg a 44 gallon barrel of oil produces 19.5 gallons of petrol/gas...so yeah- at least $8 by years end. And if you're wondering- that's actually fairly low by world standards.
no. a major depression or a depression at all.








and how they hell did you figure that if gas triples, the price of everything else will. only the price associated with transportation would triple.