FYI, I just had my tank partially filled yesterday. $3.849 per gallon. I took 150 gallons, so there’s another $600 sent to Saudi Arabia.
I just did about the same amount of damage to my wallet and while it sucks for us now. I got a bit more dismayed at what T. Boone Pickens had to say about the oil market, of course until he mentioned alternative fuels.
“We’re spending about $1.5 billion a day—$500 to $600 billion a year—on imported oil,” he noted. “That’s four times the cost of the Iraqi war. We can’t continue to do that. In 10 years you will have transferred wealth from the United States to the producing countries of about $5 or $6 trillion. That won’t work. I’m not sure what it’s going to do to us to remove that much wealth out of this country. We have got to get on alternative fuels in the United States. That’s all there is to it.”
With those kinds of transfers unless we consume way less, spend less at the government level, or export a lot more we won’t have much of currency left. And it’s not so hot currently either.
FYI, I just had my tank partially filled yesterday. $3.849 per gallon. I took 150 gallons, so there’s another $600 sent to Saudi Arabia.
I just did about the same amount of damage to my wallet and while it sucks for us now. I got a bit more dismayed at what T. Boone Pickens had to say about the oil market, of course until he mentioned alternative fuels.
“We’re spending about $1.5 billion a day—$500 to $600 billion a year—on imported oil,” he noted. “That’s four times the cost of the Iraqi war. We can’t continue to do that. In 10 years you will have transferred wealth from the United States to the producing countries of about $5 or $6 trillion. That won’t work. I’m not sure what it’s going to do to us to remove that much wealth out of this country. We have got to get on alternative fuels in the United States. That’s all there is to it.”
With those kinds of transfers unless we consume way less, spend less at the government level, or export a lot more we won’t have much of currency left. And it’s not so hot currently either.
I said that to my boys a couple months ago. Told them they were witnessing the greatest transfer of wealth that has ever occurred in the history of the world. Pickens is absolutely correct, it cannot continue this way. Our country is well on its way to insolvency. The only trump card is that we are still the breadbasket of the world. Oil for food anyone? The other side of the coin is that a local farmer told me that his fuel bill for spring field work will be over $50K this year.
Regular gas $3.46, diesel $4.28 this morning here in Falmouth, Michigan
I said that to my boys a couple months ago. Told them they were witnessing the greatest transfer of wealth that has ever occurred in the history of the world. Pickens is absolutely correct, it cannot continue this way. Our country is well on its way to insolvency. The only trump card is that we are still the breadbasket of the world. Oil for food anyone? The other side of the coin is that a local farmer told me that his fuel bill for spring field work will be over $50 this year.
Regular gas $3.46, diesel $4.28 this morning here in Falmouth, Michigan
We’ll be the breadbasket for little while longer but climate change will take care of that
Right, you also have to calculate how much went to all the American and British (and multi-national) corps that own the wells, the ports, the refineries and the pipe lines.
Even your local Cumberland Farms or 7/11 gets a piece of the pie.
Just got the dealer’s pre-buy announcement this morning: 3.65.9 per gallon if you purchase next winter’s entire supply now. For the average household around here that’s $3660 up front. Impossible for most people. And if this is really going to be the best deal for next winter...??? I still think there is a chance that global recession may drive down the price of crude to $80 or so a barrel, but who knows what the traders and hedgers have up their sleeves. BTW: the commodity speculators have succeeded in doubling the price of wheat and rice, among other foodstuffs. Last week’s food riots in Haiti are just the beginning.
Imagine what will happen when these shortages hit fuel? Not such an unreal scenario in Mexico and parts of Asia. China is already experiencing major diesel shortfalls and is way under capacity for electrical generation. In the meantime the gulf states a running low.
http://archive.gulfnews.com/articles/08/04/06/10203450.html
