[lbo-talk] Peak Oil or Oil Bubble?

[jthorn65 at sbcglobal.net]

> A more interesting, imho, issue is the effect, if any, of the weakening
> dollar on oil prices.  It seams that the dollar-denominated oil prices are
> declining in real terms, as the dollar weakens.  So it may be only the
> matter of time when the producer will switch to the Euro to shore up their
> dwindling profits, no?  Since the US is, on balance, a major oil importer,
> that should send the gas prices at the pump through the roof, say, $5+ per
> gallon, no?  I would to LOVE to see that happening.
> 
> Wojtek

This will increase the price of food drastically and hurt working people far more 
than it will hurt the wealthy.
The new SUV crowd is not be noticeably impacted except in the resale of their 
behemoths. People who buy second hand will be less able to fill these and the 
second hand market will be depressed. This may deter some potential buyers 
but not most in my opinion. 
Hoping for something like this that will cause such real stress on working 
people really surprises me. I fear it will come to pass but I certainly don't hope 
that it will.

John Thornton