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Gas Is Not At Record Prices
Considering inflation, we are not paying any more for gas now than we have been since the 60s. Also considering the time and money spent on finding, digging up, and processing oil before selling it at gas stations, there is no reason to complain about the prices you see at your local gas station. Heck, go inside that very station and buy a bottle of water. The value per gallon of that bottle is over twice as much as what you just filled your tank with. Think about it.
 Sonic-X14  15 Mar 2008 23:56
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Gas prices will continue to rise until the supply ends. Let's hope that the alternative sources of energy will be cheaper and in greater quantities.
 
 Garamond  29 Apr 2008 14:42
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Yes but I don't need a bottle of water to fuel my car. However your inflation explanation is nearly accurate. The devaluing of the American dollar is the largest reason for the spike is gas/oil prices. After the repeal of the Bretton Woods semi gold standard by Nixon in the early 70's the US made a deal with OPEC to price oil in dollars. This created an artificial demand for the dollar around the world. Due to this increased demand the Fed printed up more and more money, causing the existing money in the economy to lose value (inflation). Now that Iran has set up it's own oil market that will sell oil in non-dollar currencies the demand for US dollars will go down lowering the value of the dollar even further creating even more inflation.
 
 openurmind  26 Mar 2008 20:47
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 This is obviously a simplification as there are many other factors involved in oil pricing like OPEC production rates.
by  openurmind
 26 Mar 2008 20:49
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The reason gas prices are higher is because oil in the past 10 years has been in higher and higher demand due to the amount of it left. Because it is in such high demand the prices go up as do the rest of our goods, thus when there is close to no oil left, the prices will be extremely high, those who need cars to get around will suffer from extreme poverty and even those taking transit vehicles will have to pay loads of cash just to get around. The prices everything will go up as with the amount of money we are payed in so literally it makes absolutely no difference.
 
 mrkoey  16 Mar 2008 00:25
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