how would you deal with the situation?remember, large percentage of Amaericas oil is imported,from trouble spots, such as the Middle East,more than likely possibility.
EZMZ
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I would convert my Mercedes 300TD to run on waste vegetable oil that's readily for FREE.----this is becoming more widely known now and is the reason i chose the diesel engine.
Mark
Technically speaking, most US oil comes NOT from the Middle, but the Western Hemisphere. Mexico, Canada, and Venezuela account for the lion's share of US imports. While Venezuela is certainly a dangerous area these days, Mexico and Canada are just about the safest sources of oil outside the US. A rise in per/barrel oil prices significant enough to cause gas to jump above $5/gallon would take a a long time, allowing for a relatively easy adjustment, during which alternative energy sources would become more economically viable.
If it were to happen overnight, I would suffer through the recession with everyone else. Prices on everything would rise as transportation prices went through the roof. Electric rates would rise as oil-fueled electric power stations paid more for their gas. People would have less free spending money, sending most of the major consumer goods chains into free fall.
And I would ride the bus more, cause, why not?
J
If oild and gas prices continued to rise, the American economy would begin to fall, due to a lag in the shift from non-renewable to renewable resources. It is for this reason that, despite the current availability of oil and gas, a move from a dependence on fossil fuels should begin to be taken more seriously, both by the government, and by major institutions/corporations on a global scale.
Anonymous
The country would go into a recession if a barrel of oil dropped to only $5.00.
Matthew
You would see not as manys cars on the road more people wpuld by bikes and use them to travel back and forth to work I really could not tell you how I would deal with the situation.