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$200 Oil: Should We Be Alarmed?

  1. Rock_nj profile image93
    Rock_njposted 6 years ago

    $200 Oil: Should We Be Alarmed?

    Do you think we should be alarmed as the price of oil rises above $120 (Brent), possibly on its way to $200 or higher?  Will it wreak havoc on our economy?

    See more in my hub:  $200 Oil: Should We Be Alarmed?

  2. tngolfplayer profile image73
    tngolfplayerposted 6 years ago

    Yes, we should be alarmed.  Not only will this impact our daily driving habits, but also the cost of food and goods.  As oil nears higher prices, food will increase due to the cost of transportation.  Goods as well, due to the cost of transportation.  Energy cost will increase, due to the increase in fuel, and the increase of maintaining gas for their fleet of service vehicles.  Taxis, bus routes, air flights will all see an increase in price.
    $200/oil will translate into roughly $9 or higher/gal of gas, and potentially more as they raise the price to attempt to put a curb to hoarding and panic buying of fuel.

  3. Wayne Brown profile image83
    Wayne Brownposted 6 years ago

    Yes, we absolutely should be. Crude oil pricing will be the key factor which will drive the country into a phase of hyper-inflation.  More than 70% of all freight in this country moves by diesel truck over the interstate highways. Diesel fuel prices have risen at a steeper rate than that of gasoline. That additional cost will be passed on to shippers by the trucking industry at a rate that will lag the market price of fuel.  Retailers will see higher item prices which will cover the cost to the manufacturer/shipper and of course the guy at the bottom of the stack as usual is the consumer who will inevitably suffer the price. Crude oil has made so many rich and eventually it will make far more poor. WB

  4. nightwork4 profile image61
    nightwork4posted 6 years ago

    though it will hurt the economy, it might also force people to live cleaner, less polluting lives. it may also cause the use of greener energy. i hope the price of fuel skyrockets because i'm sick of how dependant we have become on it. no country compares to the U.S. dependancy on fuel, but Canadians are bad enough as it is.

  5. weholdthesetruths profile image59
    weholdthesetruthsposted 6 years ago

    Of course.   We should have been drilling like crazy 10 years ago.   If we had, this would not be happening.   However, it's never too late to start. 

    As to "forcing people to live cleaner lives", that's pure rot.  Economic recession always brings on MUCH more pollution, as people seek the cheap and dirty ways to get stuff done.