Drivers beware: Oil at all-time high

[uls]

Biofuel is already causing food prices to go up.

It's not right when cars and people have to compete for the same commodity.

Sugar, corn, wheat are at all time highs.

dont give me that "ano naman connection ng biofuel sa price of food"

As long as the price of oil is still tolerable, alternative fuels wont take off.

It's easier to drill holes in the ground.

Only a global economic slowdown will stop oil price from rising.

Rich countries can take $90 oil. Maybe even $100 oil... without slowing down.

tayo kaya?

[badsekktor]

maybe its time for me to buy again a bike

[niky]

It's not how rich the country is... it's how strong development is.

The middle class in rich countries, who are losing competitiveness due to the outsourcing of jobs to Asian countries, will not be able to thrive on expensive oil. Economic slowdown... lower consumer spending...

And it's that rich middle class in developed countries that drives their economies... once they suffer, those developed countries suffer... and, in turn, developing countries with industries dependent on exports will suffer, too.

China has a robust internal economy, it might be able to survive.

But us? Most of our business is in export of products and labor...

[uls]

fuel expenses take up only about 5 percent of the middle class American's budget. They spend more money eating out. It's still not hurting them.

We dont know how high oil price has to be before it starts hurting them and their economy. maybe $100 a barrel.

Meanwhile, here in the islands, transport groups are already complaining loudly. They want a fare hike really bad.

Transpo expenses already take up a large part of the average pinoy budget.

When pinoys spend more on transpo, they cut down on other stuff.

A fare hike alone will hurt our economy. Pinoys will cut down on food and other basics. Consumer spending will slow down.

[niky]

But high oil prices means high consumer goods prices... which means lower consumer spending. US consumers are largely shielded from the high cost of transportation by ridiculously cheap (by first world standards) fuel.

Yes, we don't know how high it can get before it'll hurt us. Gasoline prices have already doubled in the last ten years, but we're still here.

[Honda97]

all the same, the government should look into and support alternative fuel sources. actually, we should be increasing the proportion of alternative sources of energy so that we can cut down on petroleum products. On our part, tipid lang sa gas at i-maximize ang bawat biyahe.

baka the mmda should look into incentives for carpool arrangements.

[Gumusut_Amige]

not surprising

global production is 85M bpd

global consumption is 88M bpd

$100 per barrel isnt far away

akala may tupak na sa ulo si venezuelan pres chavez noong sabihin niyang 100$/bbl by end of this year... may pagka nostradamus yata.
hapit na hapit na nga ang sinturon ko dahil sa $ exchange rate, ngayon panibagong dagok na naman. haayyyy, kailan kaya tayo makakabawi

[ghosthunter]

baka the mmda should look into incentives for carpool arrangements.

They already have such incentives for carpooling since the odd-even traffic scheme was first implemented many years ago.

[ghosthunter]

But high oil prices means high consumer goods prices... which means lower consumer spending. US consumers are largely shielded from the high cost of transportation by ridiculously cheap (by first world standards) fuel.

Yes, we don't know how high it can get before it'll hurt us. Gasoline prices have already doubled in the last ten years, but we're still here.

so when are you converting your RS to run on LPG?

[Jetjock]

pero dito sa saudi until now di sila nagbabago ng presyo ng gasolina mga 5.50 pesos per liter pa din. mas mura kaysa sa mineral water talaga. kaya pag nagpagosolina ako kailangan isiksik kasi di ka nila suklian papag me butal ka ng centavos nila namumualan ang tangke mo ng gasolina.