Funny and sad - that nice new Hummer or Armada or Navigator or Land Rover in the driveway of that nice new Toll Brothers house in the far-flung suburbs, and then BAM! - your mortgage payments go up as your ARM adjusts, and your gas station visits feel like the proctologist's office.
So what do you do? Sit in your home with the power off, wondering how you'll afford this over-consumption disaster that you got yourself into.
New oil shock ahead as $100 spike looms
The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.
With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to £1 as he unveiled bumper $5.27bn profits for the first quarter.
Shell is also expected to announce close to record numbers next week, with analysts expecting profits around $5.57bn, driven largely by the oil price.
A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. 'If we have one more big problem we are going to have triple-digit oil prices.' Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.
May 01, 2006
A funny mix - the American Dream and $100 a barrel oil
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15 comments:
Love all those custom-painted Realtor@ SUVs driving around. It must have cost them a fortune just for the paint job.
But it won't save them. They are doomed..right along with all the McMansion neighborhoods that will be on the foreclosure block in the near future.
The heating and colloing bill for those McMansions probably cost more than gas for those Hummers. Maybe this will shock people into backing off this supersizing craziness.
I am converting my Mercedes desil to vegtable oil. its $100 for a 50 gallon drum and if you use used oil the restauraunts have to pay too get rid of it! This technology is here and in use NOW. Screw big oil, Bush, and the middle east WAR!
I hear the exhaust smells like french fries!
USO, a great way to play the coming "super spike".
The heating and colloing bill for those McMansions probably cost more than gas for those Hummers. Maybe this will shock people into backing off this supersizing craziness.
I agree but you know the old saying?
If you can afford it you dont care about heating and other bills!
I suppose Mr. "I am converting my Mercedes desil to vegtable oil. its $100 for a 50 gallon drum and if you use used oil the restauraunts have to pay too get rid of it!", has never heard of the law of supply and demand. If enough people start buying used fryer grease, guess what? The price will shoot through the roof because there is only a tiny, limited supply of the stuff!
Most Americans are too stupid to see what's coming. Their future is not going to involve fleets of cars with exhausts that smell like Krispy Kreme.
We live in Moab, UT and our daughter has a friend who moved from CA last year. They live in a typical late-model, McMansion with those idiotic 12 and 15-foot ceilings. We visited their house over the Christmas holidays and they asked me about the local weather and in particular the heat in the Summer months. The highs hit 105+ from June to September and with no trees to shade it, a house like theirs will feel the full impact of Mr. Sun. There were no ceiling fans in the big rooms and I remarked that it might get pretty warm up there in the Summer months.
They looked at each other and it was obvious the thought had never crossed their minds about heat build up. Apparently the builder didn't give it too much analysis either because the cooling system I saw was far too small for that size house on any day above 90 degrees. These loons spent $900K for a house with no landscaping, cheap (not low-E) windows, and a cooling system that will probably run flat out to keep the rooms at 85 degrees in August.
Check out Earth Biofuels symbol is EBOF.
Borky Boy -- I suspect the "red staters" you dis so easily can get by on less and make ends meet far better than the city dwellers who think roughing it is driving their SUV on an unpaved road.
We have plenty of recent arrivals from blue CA, and they are just too damned funny - constantly complaining about farm odors (why the hell did they build their McMansion next to one?), hunters carrying guns (on public lands no less), and the lack of a nearby Lexus dealership (oh the hunamity!).
It's the dumbass blue staters in Kalifornia that live in the smog and pay $700K for a 1500sf garden shed. Watch those leftards blame Bush for their own stupid mistakes
Borkafatty:
"The heating and colloing bill for those McMansions probably cost more than gas for those Hummers. Maybe this will shock people into backing off this supersizing craziness.
I agree but you know the old saying?
If you can afford it you dont care about heating and other bills!"
Ah, but so many really can't afford it without a neg am ARM, 50 yr mortgage or the like...just wait til those ARMs reset, then the real pain begins...
Me buy house. Me want now. Me stoopeed Amerikkkan.
So, is the "free market" always right, as the orthodoxies of the hard-right insist?
So Socialist North Korea is always right as the hard-left insists?
Here we go again red team / blue team tribalism. It's how our minds are programmed. My team is smarter than yours and will pass laws to fix things right and save us all. A little socialism leads to a little more socialism. When socialist control screws everything up, the evils of capitalism will be blamed. Then Americans will call for your Red/Blue leaders to come and save us with more socialist control. Have we lost our minds? Yes, me thinks so.
Tom
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