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Meh. I remember as a kid when gas went up relentlessly from less than 1FF/litre (pretty much 1$/gal) to 5FF/litre in the late 70s early 80s. When it breached 3FF/l, people said that at 5FF/l, there would be a revolution.

Well, 5FF/l came, and nthere was no revolution. You had lots of ads for cars able to get to 5l/100km, an important fuel efficiency standard then (equaivent to just under 50MPG), and then that slowly disappeared as prices stabilised and people got used to them (the government smartly increasing taxes when oil itself went down, so that at least the nominal price of gas never went down, even if the real one did)

People will pay 8$/gal, and after a few months they won't even mind anymore. People need their cars.

Which brings me, as usual, to how high the oil price can go - and the answer is - high enough to cause so much pain that people will actually spend 2 hours waiting for a crappy bus rather than pay for gas - and that's a LOT higher than today's prices.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Nov 7th, 2007 at 04:39:49 AM EST
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