When gas hits $4.50 per gallon....

just once: blog

just once's blog

when gas hits $4.50 per gallon....

money in hands, dollar, sales tax, spending generic

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Published May. 9, 2008

Predictions are that some time within the next 6-12 months gas will reach $4.50 per gallon. How is this going to impact your life?

What level will it take for Americans to change their lifestyle?

The price increases to date have done little to reduce demand. The free market being what it is will increase the price until demand is balanced with supply....

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39 Comments

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Honest to goodness, where we are moving to I have seen people ride there horse to the grocery store. When we finally get there, I can see doing the same thing. It's not a long trip and if we can find a buggy, then heck yes, I'll do the same thing. If I can't find a reasonably affordable buggy, then I can still do small shopping using saddle bags.

We are self-employed and we rely on gas to run our machines. Sad fact of the matter is, we have to increase our prices to account for the gas costs. Since our quotes are good for 30 days, we estimate for what gas prices might be at the end of the 30 days. So if gas is $3.25 today, we price at $3.75 or $4.00. So far, all of our customers understand this and none have complained.

Rocknhorse
GOLO member since July 18, 2007
May 11, 2008 11:02 a.m.

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I think it is easy to see what we define recession in several different ways. Statistics define it in a definition and business owners define it a different way. My definition is people have continually to decline to buy what they do not have to actually have. That could be anything from potting soil, to buying a swimming pool, to doing something fun. Anybody calculated how much it will cost to cut your grass this year or pay someone to cut it ? Unless your income or bonus has worked in a proportion with the price increases - well hey - hey ----- you can call it anything you want. You don't have to refer to it as recession..... when the output is getting to be more than the input..... call it whatever. I could give 100 examples of things that I have taken notice of - and others in business I have talked with. Statistics don't have anything to do with it.

shine
GOLO member since July 20, 2007
May 10, 2008 6:04 a.m.

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When the gas price goes to $4.50 I won't be able to buy my 1.75 corn.

djofraleigh
GOLO member since January 20, 2008
May 10, 2008 12:08 a.m.

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"I don't care what the headlines read, what definitions are implied, or what others are saying."

No offense, Made, but that's like insisting it's nightime when the sun goes behind a cloud.

Night it night, not just dark.

Recession is 2 consecutive quarters of negative growth. Period.

oldschool
GOLO member since July 17, 2007
May 9, 2008 8:53 p.m.

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We ARE in a recession. I don't care what the headlines read, what definitions are implied, or what others are saying. The pain is felt nationwide and it's a deep pain for many. From foreclosures to bankruptcies, from gas prices to food prices, from hurting business owners to outsourcing American jobs overseas...the next few months will be darkened even more as everything we use and buy will go up to pay for the extra costs for oil. The inflation train is still heading up the hill. It's yet to get over the hump.

Made In USA
GOLO member since September 11, 2007
May 9, 2008 7:58 p.m.

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I blogged some thoughts on a similar topic.

http://wral.com/golo/blogpost/2858351/

At some point we will reach that magic number that will force us to adapt and I think we can. I have seen an increase in bus ridership the past couple weeks and people are at least thinking about fuel efficiency. I expect some people think this is a cycle and that prices will eventually fall back.

KevInApex
GOLO member since October 4, 2007
May 9, 2008 5:41 p.m.

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Oops. October 1.

oldschool
GOLO member since July 17, 2007
May 9, 2008 4:52 p.m.

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darkly - recession require 2 consecutive quarters of negative econmic growth. The earliest we could be found to be in a recession would be September 1, assuming the latest numbers are not "revised" as they so often are.

oldschool
GOLO member since July 17, 2007
May 9, 2008 4:33 p.m.

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"But, regardless of how you or I "feel" about the economy, a recession has a specific economic definition which has not been met. As much as the truth drives the left nuts, we are NOT in a recession."

You will not be able to tell if we are in a recession until the second quarter GDP numbers come in. oldschool is correct in saying it hasn't been 'officially' designated a recession. That is not the same thing as saying we are NOT in a recession. The NBER will eventually get around to declaring it one way or the other.

Through a glass darkly
GOLO member since January 29, 2008
May 9, 2008 3:57 p.m.

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"If you take the economy by definition and balance - you are in a recession like it or not."

I have long been suspect of the economic numbers. Gas and basic foods have doubled in price, but "they" claim in the inflation rate is 4%. I doubt that.

But, regardless of how you or I "feel" about the economy, a recession has a specific economic definition which has not been met. As much as the truth drives the left nuts, we are NOT in a recession.

oldschool
GOLO member since July 17, 2007
May 9, 2008 2:36 p.m.

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