Is the oil crises going to cause another depression like the one in the thirtees?

Question

I over heard a conversation at the coffee shop that other countries are closing their borders to us and that this is going to cause us to have another depression? How bad is our economy?

Answer 1

This issue with oil is not all our fault. Yes we use the most oil, but more and more people throughout the world are driving more and there are more drivers on the roads. So the demand has gone up. But the amount of oil being supplied has stayed the same. So the price goes up. Is it true that china is paying a % of peoples gas bought in their country to attract people for the Olympic Games?

Answer 2

There is no oil crisis. The problem is oil prices are being artificially inflated. That and many other things (people seem to forget we are spending billions in Iraq) factor in to create this recession.

Answer 3

If the USA is stupid enough to attack Iran, what will happen to oil prices then?  $300.00 per barrel?

Answer 4

Mean while, because of the cheap dollar, people are touring our country more than ever.

Answer 5

Going to cause?  It's already with you - and believe me, it's going to get very much worse!

(By the way, no-one is 'closing their borders' to US products or citizens - at least, no more than in recent years.  The effect on your exports is because (1) the recession is international, and (2) more importantly, your leaders - like ours - have been paid by international business - their real employers -  to sign up to globalism and free trade, thereby destroying your industry and ours.)

Answer 6

"little doubt" is the description used by Obama on this issue.

Everyone need to make their adjustment to spend for survival, i.e. save your money and work hard to death.

Answer 7

NO there isnt gonna be i heard in the news that ever scince gas prices went up other transportion resourecs have been sellin like hot cakes like solar panel cars,bike and etc. these are just a stall until scientist find a new source cars can run on exept gas we'll be back on our feet in no time.......so whats the worry?

Answer 8

The depression began when companies put Americans out of work in favor of foreigners. As far as oil prices are concerned, it will affect the poor & middle class. The rich guys will always have their limos, yachts, airplanes etc. It's the creation of the often predicted two class nation........rich and poor, no more middle class.

Answer 9

Sure.http://greatdepression2.org/

Answer 10

If there is an oil crisis, it’s the governments own doing by shutting down exploration and drilling for it within our own borders. We have allowed the global warming n***s to take over our energy policies.

Its not the oil companies who are at fault here, it’s the liberals who see industrialization as an evil. I blame them for this mess. They are responsible for creating this so called quagmire.

Answer 11

Mayyybe

Answer 12

No...the housing market is causing more trouble because banks irresponsibly lent too much money to people who then went on to default on their mortgages.

The banks are to blame...as they were in the thirties!

Answer 13

NO.  WWIII will happen first.  Then if you're still alive, the famine will begin in North America.   Martial law will secure all food supplies and distribute the food in FEMA camps.  People will be chipped like cattle with the RFID chip.

WWIII will be well under way by year's end.  The USA and Israel are tightening the screws on Iran, hoping it will attack first.  The moment someone attacks,  WWIII will begin.

Have a great summer.  It may be our last.

Answer 14

I over heard a conversation at the coffee shop that other countries are closing their coffee shops.The depression is real.

Answer 15

Fremont is right.  There is no real shortage of oil--look around, you can buy as much as you like.  The cost of production hasn't increased.  The price is going up because of the futures market, because of speculators who want to make money.

We had something like this happen before just a few years ago.  Back in the 70s we had a period of high inflation and high interest rates because of (1) a huge debt from a long, unproductive war (Vietnam) and (2) a sudden doubling of the price of oil.  The rise in the cost of oil brought a rise in the cost of anything that is shipped by truck, which in the US is EVERYTHING.

It was a bad time but we all got through it.  We'll get through this too.

But we have known for decades now that oil would eventually run out, and we should have been working on the next big energy source.  Instead we let the oil companies themselves determine our energy policy.  Which was dumb.

Answer 16

No. There is no crisis. Just an inflationary price increase in the cost of oil. Check out the store, milk has gone up too. If you want to talk about a crisis, take a look at how far and how fast our taxes have increased. Taxing and spending by government is what is ruining the economy, not the price of gasoline.