Accurate and up to date. I've just filled up my tank, I'm in Italy. I paid gas 1.48â¬/L. With 1 gal=3.785 Liter and 1⬠= 1.55$ gas=2,294$/L = 8,68279 $/gal
Who says the US can't adjust? If gasoline goes to $15 a gallon who says people can't move closer to their jobs instead of traveling two hours in the car twice a day? What ever happened to efficient allocation and an economic equilibrium? I guess basic economic theory won't apply with crude oil and the US economy?
I pay ~$135 to fill up my tank here in Europe. People are whining (like always) but I haven't seen lines in front of the soup kitchens just yet.
I don't disagree with you but remember We're talking about the US, a country that won't even convert to the metric system. They don't like change.
Europe is much different (as is most of Asia and other parts of the world). The availability of public transportation or good ol' walking/bicycling is an option for many. In the U.S., many live 20+ miles from their workplace. Public transportation isn't available, and it would take a huge, long-term costly effort to develop trains or subways for much of America. A lot of people point fingers at the lack of public transportation in the U.S., but it just hasn't been realistic since the age of the automobile and (mostly) cheap gasoline...not to mention the huge land mass that is the U.S. Imagine what it would take to make public trans readily available for just Texas alone?
Of course! Everyone will just sell their house and move closer (where) because the demand for suburban housing is huge and there are great rates and terms for everyone to borrow on! You are brilliant! Gas doing a double from here would decimate the US and global economy.
Patently false. Show me a mutli-year rally that's taken place since 1973 (when the age of OPEC and oil woes began). It's no coincidence that the "cheap oil" years of the early 80s to late 90s comprised the biggest stock bull run in history...or the lackluster performance of stocks in the 70s and the last few years as oil hits new highs. Academic studies have proven this, too.