Feeling it Yet?
Posted on May 23, 2008 under Emergent News,
The price of oil closed at over 133 dollars per barrel yesterday. Today, the front page of the NYTimes notes the price jumping over $135 per barrel in overnight trading, and the article then goes on to describe many of the downstream economic effects of the soaring price of oil.
In the last few weeks, everyone from Goldman Sachs to Boone Pickens, a legendary oilman, have warned of skyrocketing oil prices and the potential for $7 per gallon for gasoline. But what will all of this mean for the economy as a whole? Who will be affected by high gasoline and oil prices? The answer is all of us. Some will lower their thermostats, some will drive less, and the people who run our public transportation systems will finally see trains and buses over capacity, which has already been occurring in recent years.
The deeper effects of rising energy prices are only now becoming clear (remember when oil was on the fringe of $100 per barrel in February? We were already waist-deep in this problem). Food is becoming more expensive, airlines are charging you to check your bags, and OPEC told Bush quite sternly, “No thanks!” when he asked them to bump up production. At a certain price threshold, our way of life as Americans, our sprawling suburbs, WalMart obsession, and mall addiction will soon be things of the distant past.
If you’re asking “What can I do?” go ahead and google something like “greening my home” or “conserving energy.” Or, check out our website (you thought I wasn’t going to shamelessly plug our services? 
But the reality is becoming more and more clear. Times are changing and our lifestyles will be forced to follow. . .
The price of oil closed at over 133 dollars per barrel yesterday. Today, the front page of the NYTimes notes the price jumping over $135 per barrel in overnight trading, and the article then goes on to describe many of the downstream economic effects of the soaring price of oil.
In the last few weeks, everyone from Goldman Sachs to Boone Pickens, a legendary oilman, have warned of skyrocketing oil prices and the potential for $7 per gallon for gasoline. But what will all of this mean for the economy as a whole? Who will be affected by high gasoline and oil prices? The answer is all of us. Some will lower their thermostats, some will drive less, and the people who run our public transportation systems will finally see trains and buses over capacity, which has already been occurring in recent years.
The deeper effects of rising energy prices are only now becoming clear (remember when oil was on the fringe of $100 per barrel in February? We were already waist-deep in this problem). Food is becoming more expensive, airlines are charging you to check your bags, and OPEC told Bush quite sternly, “No thanks!” when he asked them to bump up production. At a certain price threshold, our way of life as Americans, our sprawling suburbs, WalMart obsession, and mall addiction will soon be things of the distant past.
If you’re asking “What can I do?” go ahead and google something like “greening my home” or “conserving energy.” Or, check out our website (you thought I wasn’t going to shamelessly plug our services? But the reality is becoming more and more clear. Times are changing and our lifestyles will be forced to follow. . .
