Gas Prices, 7-10 dollars a gallon??

Question

7 to 10 dollars by the end of the year, how long is this gonna last 4? I hear we have oil to pump, but they won't pump it,

wanna keep it like this and make a fortune.

They also say this is a start of a new depression?

I am depressed cuz I have a 350 Chevy, and a 4.6 Cadillac.

need a 3 cylinder suzuki. lol.

what is the US coming to.

any opinions?

Answer 1

The U.S. does have it's own oil but there main issue is that most of it is conservation areas which are protected by law and the companies cannot drill there.

Trust me, it is not the government who want to keep the oil prices high, it is the oil companies who limited the supply of that oil which causes the prices to rise, they could very well bring down the prices if they wanted to by increasing that supply - that is basic microeconomics. There are also other migrating factors such as the war, the countries econemy and that of countries which they are drilling in.

A new depression? I don't think so but certainly a recession.

The real question you need to be asking yourself is what happens when the price of gas per gallon is equal to the minuimum wage?