Fear of global slowdown as oil price soars

[Jack D Ripper]

we would slip into a recession, and thats exactly where we're headed. A combination of rising gas prices and the USD dropping in value.... we're ****ed.

Lucky for me Im far from the city and even farther from the grid, my quality of life wont be changing much... except maybe no more ICMAG if I cant pay the cable bill.

 

[WoW maannnn]

The ideology of the "cashless society" seems incredibly possible as the days progress. That's what scares me most. ...I've said too much now and strained away from the original topic. Sorry for the hi-jack. Parts included in the post were adduced from the axillary work of Peter Lindemann and Fred Burks.

Well said sir! :jawdrop:

 

[Verite]

I never said we are in a recession, just on the verge of one. Ill be sure to point it out to you once the shit hits the fan. BTW, you have to look at a bigger picture than 2 years to see recessions

A bigger picture like the US unemployment rate which has held steady at a low 4.6% for over two years? Chicken littles have been squawking the economies been falling/recession verged for the better part of 10+ years now and so far their accuracy has been crap.

 

[DogBoy]

The US is a big beast with a lot of fingers in pies so it will be a while before they run out of options on avoiding a recession. I do think you will see a pretty nasty slump within the next 6-12 months but it's in the interests of the rest of the world to help you out of it so you dont mess up our stock exchanges so dont think you'll be on your own sorting it out. The world relies quite a lot on the US stock markets so there will be help from all sides. It will be more interesting to see the public side of things like Gypsy mentioned. The public will hold a lot more sway over the politics if a recession or hard times hit and that will be a time of change.

Fuel in the UK is now 99.8p per litre of unleaded and 101.3 on diesel. Reports state a possible 1p increase at the beginning of next month too as the price per barrel gets higher..... Time to start developing solar pedal bikes if your that way inclined!

 

[dreamdancer]

China's sizzling economy grew 11.5 percent in the third quarter, surging ahead despite official efforts to cool the boom. China's growth rate put the nation on track to overtake Germany as the world's third-largest, according to data reported on Thursday.

The growth rate from the same period a year earlier exceeded forecasts but was below the 11.9 percent reported in the previous quarter. China's economic growth was driven by a double-digit surge in exports and soaring investment in factories and other fixed assets despite repeated increases in interest rates this year.

Growth for the first nine months of the year was 11.5 percent, the same rate recorded for the first half of the year, the National Bureau of Statistics reported.

"The domestic economy is maintaining fast development," bureau spokesman Li Xiaochao said at a news conference.

The communist government wants to maintain rapid growth to ease poverty but worries that a runaway expansion and overspending on real estate and other assets could ignite a financial crisis.

http://www.nytimes.com/2007/10/24/business/worldbusiness/25CHINAECON-WIRE.html?_r=1&hp&oref=slogin

 

[Rosy Cheeks]

Global peak oil output reached, according to the International Energy Watch Group. From now on, it's downhill all the way:

http://edition.cnn.com/2007/BUSINESS/10/24/oil.decline/index.html?iref=mpstoryview

 

[Guest]

Gypsy the reason Americans have paid less and always will pay less than Europeans for gasoline has to do with Socialist economies and high taxes,not oil prices.

 

[Pinball Wizard]

I wonder when the price of gas/petrol and deisel will get to what we have to pay for it in Europe in the U.S.A......?

Seems like us Europeans have ALWAYS had to pay much, much more for it.......its way over $2 a LITRE right now and due to go up even more........ thats about $8 a gallon?......If tommorrow Americans had to pay $8 a gallon for gas.....I wonder what the reaction would be?

$8 a gallon = civil war in the United States.

 

[Guest]

I want to revise my "always will pay less " statement of before as I'm sure Hillary will be running things soon...

 

[Kirby]

<--- Just bought a half a million dollar house Was on the market for $625k, dropped over 125k. Anyway, this thread is a little too important for the morons on this site to really discuss it.

I hear you, brother. Don't let these kids get you down.

I have a Doctorate in Extra-dimensional Physics and Candy Making, live in a golden castle in the couds, have no need for money since my army of undocumented elves tend to the Bubblegum Forest for room and board, have thousands of children by my mermaid wife (egg sacs ftw), ride a winged unicorn to work in the morning, and spent the better part of my youth touring the milky way with Gerblak and the Epsilon 5.

Despite all that, I still find time to be an unsportsmanlike doosh on a forum for a plant I don't even practice growing. It's totally awesome.

 

[dreamdancer]

Oil price 'driven up by speculators and politics'

Peter Voser, finance chief at Europe's biggest oil company, Royal Dutch Shell, warned the industry not to bank on record crude prices to drive revenues in the future, as prices rose to a record high of more than $91 a barrel in New York.

He said the oil price was being driven up by speculators and political factors, rather than any fundamental problems with production and supply, and called predictions that the price per barrel would hit $100 "too speculative".

"To be honest, we find it hard to explain the oil prices," said Mr Voser. Prices rose 1pc to $91.40 a barrel yesterday as concerns grew that supply from the Middle East could diminish with political uncertainty.

http://www.telegraph.co.uk/money/ma...OAVCBQYIV0?xml=/money/2007/10/26/cnoil126.xml

 

[Chamba]

Verite ..everything runs in cycles, we've been up for awhile and all the indicators are pointing towards a downward turn some time this year..price to earning ratios are at crazy levels......my advice is to sell some of your stocks now and take your profits and put them into tech stocks

I don't think that US real estate prices will fall very much more....it's just that after the massive price rises in the past 5 years, we will probably see very little growth in prices in the next 3 ~ 6 years unless demand is increased by massive immigration.

a weak US dollar is not such a bad thing....this makes US products more competitive for export and the Chinese yuan will increase in value soon which will help the US economy.

the Americano....I can hear you in 2 year's time blaming the Democrats for the rise in US gas prices and the trillions of debt the US is in...lol

 

[Rosy Cheeks]

Oil prices spikes at $92/barrel:

http://edition.cnn.com/2007/BUSINESS/10/26/oil.prices.ap/index.html

 

[Guest]

Chamba,only if the increase in gas prices is a direct result of taxation will I blame the democrats in power,so another words yes in much less than two years time I will be blaming the dems for higher gas prices.It doesnt take two years for a Democratic president and a Democratic congress to rob the public blind!!!

 

[WoW maannnn]

I hear you, brother. Don't let these kids get you down.

I have a Doctorate in Extra-dimensional Physics and Candy Making, live in a golden castle in the couds, have no need for money since my army of undocumented elves tend to the Bubblegum Forest for room and board, have thousands of children by my mermaid wife (egg sacs ftw), ride a winged unicorn to work in the morning, and spent the better part of my youth touring the milky way with Gerblak and the Epsilon 5.

Despite all that, I still find time to be an unsportsmanlike doosh on a forum for a plant I don't even practice growing. It's totally awesome.

are you wille wonka?

 

[Chamba]

Chamba,only if the increase in gas prices is a direct result of taxation will I blame the democrats in power,so another words yes in much less than two years time I will be blaming the dems for higher gas prices.It doesnt take two years for a Democratic president and a Democratic congress to rob the public blind!!!

Bush and his cronies (rich reptiles and the military industrial complex) spent the how many trillion invading Iraq on the basis of weapons of mass destruction???..and it's Hillary's fault as Pres if she has to somehow pay back that debt .lol..

who do you think is gonna pay for these past 8 years of lies, exagerations, spin, mistakes, over spending and no bid contracts etc etc ? the American tax payer that's who..

when ? in between now and the next 20 years

.....and let's not forget that oil used to cost 20 bucks a barrel and now it's 4 or 5 times that..of course US gas prices will rise..it's just a matter of when and how much...please let go of that old GOP standard line that "the Demos waste your money on welfare and the Repub make it back for you" ...get some realism into your life, smell the flowers and all that

and on on side note....I do believe that Hillary Clinton is the one Democrat that the Republicans have any chance of beating which is why she will probably be their candidate...she is a woman, unlikeable, has no personality and has the sex appeal of a toad..

public opinion is so against the GOP due to their bad moves, massive debt run ups and poor management that it's the Democrat's election to lose more so than any other in the past 30 years.

if the Demos had any sense they would pick some cap toothed smiling, blond haired lame brain who knows how to read a prompter and they would win the election hands down....Ms H Clinton is so very beatable..every GOP fat bastard is licking his lips in anticipation of going against her (which is something I mentioned when I first heard she had thrown her hat in the ring).

..and don't get me started on Obama.....lol

 

[Verite]

Colbert 2008

 

[Babombeez]

So you all know... November 18th marks our entrance into the Fifth Night of the Mayan Galactic Underworld. This time period of the Fifth Night, 11/18/2007 through 11/20/2008, is synonymous with the Great Depression and the fall of Rome. Beware! and humans need to not turn away from eachother... We all need eachother during this time...

Stay strong all,

Beez

 

[NorCalChron]

A bigger picture like the US unemployment rate which has held steady at a low 4.6% for over two years? Chicken littles have been squawking the economies been falling/recession verged for the better part of 10+ years now and so far their accuracy has been crap.

try 40+ years haha

its clear people need to give up their dependance on oil and find better alternatives.

 

[marx2k]

I hear you, brother. Don't let these kids get you down.

I have a Doctorate in Extra-dimensional Physics and Candy Making, live in a golden castle in the couds, have no need for money since my army of undocumented elves tend to the Bubblegum Forest for room and board, have thousands of children by my mermaid wife (egg sacs ftw), ride a winged unicorn to work in the morning, and spent the better part of my youth touring the milky way with Gerblak and the Epsilon 5.

Despite all that, I still find time to be an unsportsmanlike doosh on a forum for a plant I don't even practice growing. It's totally awesome.