Heard today that demand is expected to be higher than supply for the first time in history, coming winter.
Price of oil might go up to even $80 a barrel.

Not good.

 

WHAT??? R u seirous???? That just ticks me off when I read that crap! Gas just is way to high these days!

 

I'm guessing that he isn't going to have much sympathy, multiply the cost of gas by 3 or 4 for European prices... I'm willing to bet that there would be enough political pressure put on OPEC that they would increase the amount they are pumping to compensate well before it hits $80, they can increase supply anytime they want.

 

While that is true, We can't increase production of gasoline anytime we want. We need more plants!

 

The way I understood it was that demand will be higher than supply at full production capacity.

 

if gas ever hits $80 a barrel, our economy will come to a screehing hault, and noone would be able to afford the cost of gasoline.

 

I'm not so sure. If the folks in the Netherlands and Europe are already paying $6.44 then we will probably pay a much higher price as well.

I do agree, however, that our economy will take a serious hit that'll trickle through everything we buy.

 

you can't compare what gas prices are on the other side of the world. They make a lot more money then we do here in the U.S, and theres no way you can compare what gas is over there to here.

 

It's not about what we or you are paying at the pump, the gasprice will go up percentage wise if the price of crude oil increases.
Right now the price per barrel is twice as high as it was before the Iraq war($24).
$60 a barrel was at it highest and it won't take much to go up all the way to $80.