What happens when gas hits $50 per gallon?

[KillCapitalism]

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:

[nadinbrzezinski]

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

[Mojorabbit]

2. If we hit that price

anytime in the next decade there would be a total societal breakdown.

[MADem]

3. Start pedaling....! NT

[LakeSamish706]

4. I don't expect to ever see that price... You would have serious rioting on the streets...n/t

[lonestarnot]

7. LOL

[dweller]

25. $49.99.999999999 or BUST!

GET A HORSE!

dp

[lonestarnot]

26. A donkey!

[nearwildheaven]

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.

[uppityperson]

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?

[MercutioATC]

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

[KillCapitalism]

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.

[El Pinko]

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.

[MercutioATC]

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.

[DadOf2LittleAngels]

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..

[bulloney]

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.

[Lex]

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.

[El Pinko]

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...

[depakid]

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.

[Cooley Hurd]

12. Mad Max was an awesome movie!

:evilgrin:

[Vinnie From Indy]

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.

[taught_me_patience]

15. I will not change my driving habits one bit

until gas goes over $8/gal. I will be annoyed, though.

[OwnedByFerrets]

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.

[taught_me_patience]

27. I gotta get to work somehow

:shrug:

I already have a fuel efficient car.

[Sandy2k]

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.

[Birthmark]

18. What happens?

Nothing. Nothing at all. Ever again.

Okay, a bit dramatic, but I couldn't pass it up.

[wuushew]

19. Didn't Marty pay $50 for a Pepsi in Back to the Future Part II?

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.

[Occam Bandage]

20. Your alarm clock goes off and you wake up.

[RedCappedBandit]

28. If you can afford to power it.

[Kelvin Mace]

24. $50 in the next two years?

Uh, no, I don't think so.

$6-$8 is possible. $10 if Precious Leader attacks Iran.

[DadOf2LittleAngels]

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..

[stewert]

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.

[Yavin4]

32. Thunderdome!