What are the short run and long run strategies to counter the oil price crisis?

Question

What are the short run and long run strategies to counter the oil price crisis?

Answer 1

Economic 101. supply and demand.

if everyone in the US would stop driving and not buy gas, the price of gas would go down, but as prices go up and people still buy gas, prices will continue to go up. all we need to do is band together and stop buying gas. I will not drive unless it is very important.

Answer 2

My strategy, if I were president, would be to hold a press conference.  Announce that if gas prices did not come down drastically within, say 10 days, I would put every barrel the US has in storage on the block.  Every last one.  Extremely drastic I know but this is ridiculous.  Speculators are killing us.  

Edit:  the cause of skyrocketing oil prices today is not supply and demand.  The demand for sweet crude has actually gone down.  Like OPEC says, it's the greedy American's fault, let the greedy American's pay for it.  What will eventually happen is that speculators will stop buying all the oil and the price will plummet possibly causing another 80's crash.

Answer 3

Because there isn't any widely distributed substitute for car gasoline, the short-term solution will have to be consuming less gas.  Taking less recreational road trips, walking to places when driving isn't necessary,  and driving more fuel efficient cars.

The best long-term strategy is to find a reliable substitute for car gas.  Honda has created a hydrogene fuel for cars, but its still in the beginning stages.  Also Chevy has found transforming corn as fuel can also be helpful.

Answer 4

The price of oil hike bcause the production of crude oil does not meet the demand, the export from asia for light sweet crude it self drop from 800 000 bbl to 500 000 bbl half a year..

One simple way so the oil price maintain or reduce is to increase production, we all know it is not posible, crude oil is not a renewable energy, thus any oil production country would reserved the crude as an asset.

Other way is to reduce operation cost, we cannot cut ppl salary, then again it is not posible.

The posible way is like one of the answerer wrote, dont buy oil/fuel for a moment..Until the reserved is large and the value drop to the starting price ( which i believe $70 for sweet crude per bbl )..This can only posible if the whole world do this bcause the oil price is determined by the OPEC.