In the short term, high oil prices are bad for the economy - however does this hold true for the long run?

Question

In the long run it may force US consumers to purchase more fuel efficient automobiles, or invent entirely new forms of alternative transportation (electric, hydrogen, fuel cells, etc, etc)

What do you think?

Answer 1

Very bad for the economy.

Oil's hold goes far beyond cars. Everything in this economy is based on oil.

First of all you look just at driving. The higher price of gas, people have less money to spend on other things, then the economy goes bad because businesses aren't selling products.

But then think about how the price of oil affects shipping. Most everything in this country comes from another country. So the higher oil prices, the higher costs of shipping, the more expensive products become, people cant afford them, companies go out of business because they dont sell products, people lose their jobs.

The fact that we really built our economy around oil speaks to the idealology of a few greedy businessmen who sleep around washington.

It sickens me to think about it...

Answer 2

In my opinion, I think America is already in too deep. By the time America actually dedicates itself to hybrids and what not, the oil supply will already be drained, and inflation will be even worse than it is now. Though this may be stereotypical, but Americans are lazy and will only make the switch once the oil is gone, but it will already be too late. IT IS already too late.

Answer 3

Panic! is quite correct! Your view of the uses of oil are naive and limited. Plastics, medicines, and a host of other consumer products could not me manufactured without oil.

Answer 4

Correct to the extent that one has to blind himself to the suffering of others.

And ignore the fact that the oil companies are collecting billions from those same sufferers and distributing that wealth to ever richer share holders.

For the same price of oil in the world market, Japan cars are more efficient. and this alone is a proof your argument is misrepresenting the issue.

Answer 5

Dude... there's this car... that runs on water!