$5 a gallon gas coming by the end of the year, where will you be?

[keeponbucn]

Analysts are predicting $5 a gallon by the end of the year. Some are well off enough to no be bothered but most people are highly affected by these prices. Not only do you get killed at the pump but you get killed in the grocery store.

The quetion is when will it stop? At what point does it have to get to for the US to either stop controlling the amount of supply coming in or start drilling here?

Is this the first time gas has crippled the US economy?

[OpTiOnMaStA]

I think that things will change with a new regime in power. I'm not sure that it will lower the gas prices substantially, however, I think something else has got to happen (possibly a shift to alternative fuel).

We need to find something else if gas is going to cost us this much money. There's already people working on it, too.

[mjs020294]

Gas prices will not fall significantly but I don't think they will rise through the roof either.  There are HUGE reserves of shale oil and sand oil in North America, and with oil at $100+ a barrel it is now cost effective to mine those resources.

I don't think we will ever see gas below $3 a gallon again, and I doubt it goes much past $4 either.  A $5 gallon would be very significant and that would open the door to all sorts of alternative oils and energies.

[keeponbucn]

I think that things will change with a new regime in power. I'm not sure that it will lower the gas prices substantially, however, I think something else has got to happen (possibly a shift to alternative fuel).

We need to find something else if gas is going to cost us this much money. There's already people working on it, too.

Something has to give, it can't keep climbing without repercussion.

[keeponbucn]

A $5 gallon would be very significant and that would open the door to all sorts of alternative oils and energies.

it's currently trading at $120, why in the hell don't they mine the resources now?

Interesting take on the $5/gallon, haven't thought of it in that way.

I'll be asking my boss to let me work from home more.  That, and not carrying more then one car payment because my fuel bills will be like another car payment as it is.

[mjs020294]

A $5 gallon would be very significant and that would open the door to all sorts of alternative oils and energies.

it's currently trading at $120, why in the hell don't they mine the resources now?

Interesting take on the $5/gallon, haven't thought of it in that way.

They have started, and the mining and refining costs are high.  It is still better to buy the expensive foreign oil but we are near the level where its cost effective to switch.

[cyberdude557]

I think that things will change with a new regime in power. I'm not sure that it will lower the gas prices substantially, however, I think something else has got to happen (possibly a shift to alternative fuel).

We need to find something else if gas is going to cost us this much money. There's already people working on it, too.

It took 30 years for Brazil to reach energy independence. You think one president in America can do it like the flip of a switch? It's not that simple.

And what type of alternative energy? Biodiesel? That's a joke and being pushed by no one other than soy, corn, and sugar farmers. If that fuel becomes the standard, the price of food is going to soar!

Why is oil going up in price? It's simple...demand. India and China are booming economies and their populations what a piece of the good-life as well. They want a car in every garage. And that's what is happening. They are putting the bikes in storage and buying automobiles. This increases demand. And this demand will increase no matter what type of fuel you want to switch to. It is the demand of fuel (coupled with the devaluing of the dollar) that is causing oil prices to soar.

The US President has no control over this process. Oil is controled by OPEC and the free oil market. And the United States has zero influence in this because we import so much energy these petro-states have us by the balls.

[cyberdude557]

What we should do is start playing nice with Hugo Chavez. Venezuela has enormous potential for oil exploration. And no one but the United States has the refineries to refine Venezuelan oil due to its viscosity and sulfur charactoristics. If the studies are right...there could be huge amounts of oil there and for it to be so close to the terminals in the Gulf of Mexico...it could really supply our energy demands. We are not really pushing for it though because we dont want to fuel Chavez's Bolivarian revolution and make him a stronger state.

This is likely the reason Bush tried to organize a coup against Chavez several years ago. We wanted a more friendly leader in there. If Chavez ever leaves, it is likely the US will make a push in that direction.

[Tampa Bay Todd]

I've already decided that I'm walking to work once the weather gets nice consistently. It's at $3.67 right now here and Memorial Day is just around the corner.

[RedAlert]

Gonna cost me $6 just to mow my lawns...

[Morgan]

I don't care about the cost of filling my car. I just don't take unnecessary drives anymore.  No more joy rides. Probably should have been conserving gas in the first place, anyway.

[mjs020294]

Gonna cost me $6 just to mow my lawns...

Buy a goat.

[alldaway]

http://www.forbes.com/reuters/feeds/reuters/2008/04/13/2008-04-13T114657Z_01_L1396877_RTRIDST_0_SAUDI-OIL.html

Considering we are beyond the peak and most of the oil found in the world I believe is from Mesozoic rock I think it will rise above $4 dollars and alternative fuels will have to be heavily considered.

[RedAlert]

Gonna cost me $6 just to mow my lawns...

Buy a goat.

That'd save me some work and gas, but my dogs won't be happy about it when it eats their food, bowl, toys...