The increase effects my life, my `job & our World : (
The demand for Muscle cars will decrease, and there will be some great deals `if U can afford the fuel
This is a very`Sad State of affairs 4-Sure..

Thu Feb 24, 4:01 pm ET Could Middle Eastern turmoil hamper recovery?

By Zachary Roth

As an enormous popular uprising moves closer to the Libyan capital, economic shockwaves are beginning to be felt overseas--including here in the United States. Could the bloody turmoil in North Africa, and across the Middle East more broadly, end up hampering our fragile recovery?
Libya is the world's 12th-largest exporter of crude oil, producing 1.8 million barrels a day. But Col. Muammar Gaddafi, the country's embattled leader, is said to have ordered the destruction of his country's oil facilities in an effort to dramatize how regime change could wreak havoc, both within Libya's borders, and in the broader global oil economy. And Gaddafi's son Saif has warned that continuing violence could drive foreign oil companies out of Libya.
That uncertainty caused the price of oil to spike to $100 a barrel yesterday, for the first time since 2008. And the average price of a gallon of gas in the U.S. rose this week by 5 cents to $3.19--the highest February price since 1990.
If oil and gas prices continue to surge, Americans would have less money in their pockets, which could in turn lead them to pull back on consumer spending--just as such spending was starting to pick up again. Renewed consumer spending has been a crucial driver of the recovery, so if Americans put their wallets back in their pockets, economic growth could slow dramatically. And businesses, lacking confidence, would likely think twice about hiring new workers, making it all but impossible to bring down the unemployment rate.
In addition, higher oil and gas prices could also trigger inflation, and could affect the stock market. Indeed, Wall Street suffered losses this week, which some analysts have chalked up to the turmoil in the Middle East.
The United States will likely feel the fuller economic impact of the upheaval in the Middle East period around Memorial Day, with the onset of the summer driving season. If gas prices are still rising significantly then, "it will cripple the economy," Daniel O'Connell, vice president of energy at MF Global, told ABC News.
But here's a wildcard to keep in mind: It's not out of the question that the unrest sweeping the Arab world could spread to Saudi Arabia, especially if the country's Shi'ite minority is emboldened by the example of neighboring Bahrain to rise up against the kingdom's Sunni rulers. Saudi Arabia accounts for 9 percent of the world's oil supply, so any disruption--or even the threat of it--could affect oil and gas prices even more severely than the Libyan turmoil.
Should that happen, we could be headed back to the 1970s--and not in a good way.
(A sign at a service station in Easthampton, Mass., Feb. 23, 2011: Shana Sureck/AP)
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Member's, is the price of `gas hurting you ? Are you ready for the increase ?
Sound `Off, and let your Monte Carlo Family know how U feel

 

Gas has gone up like $0.25 a gallon this week!! Okay, so Libya is like 2% of the worlds oil, and Egypt is 1%... given that their oil usually goes to Europe, but when the supplies are cut off, they put a demand on where U.S. oil comes from. Okay... so 3% of the worlds oil supply is in political turmoil. 3% of the $3 that it was is $.09. Lets just say that 3% means a 6% increase in oil prices... because sometimes these things have exponential effects... that means gas should have gone up like $.18. But people get panicky, my stock portfolios value drops, and all kinds of crap goes down when this stuff happens.. just like the oil prices skyrocketing at 9/11. People start buying up all the oil they can and then they'll realize they don't even have any place to store it or anything. Stupids.

 

..Thanks `Duane for your words/post...It's all very sad to me and the "Rich get richer, and the poor get poorer"

I know that it's going to affect my work because everything we get comes from vehicles that use fuel, and their cost is already increasing at a fast pace...It really messes with my cost projections : (

I hope it does not hurt our member's to much 4-Sure...
Whose next 2 SOUND `OFF

 

It is rising quickly and it is the main reason I am picking up a car to drive. The suburban only gets 10 mpg, so anything will be an improvement.

 

Jump $0.20 since i have beem at work it's sitting at 3.49.... i knew we should have got gas lastnight

 

Just paid 3.55/gal today.

I don't mind if the gas prices go up high this summer. People will sell their Camaros and Firebirds and I will hopefully pick up a nice one for cheap

Then the prices can go down lolol

 

Mod `Mike, I was thinking the same thing...Even the new High Performance Models will be discounted when gas hits $5 a gal...

It's really going to hurt the recovery of our nation & others : (
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`Justin, <~> Good Luck & I hope you're getting good MPG's in your ride.

 

This makes me want to get that V6 Mustang even more.

 

LOL `Ted, when I seen that you had made a post, I thought about your interest in a v6 Mustang, and sure enough~>you posted `it...
Have you ever gone to a dealer to see what they would give you on trade for one ? Example $10K difference or less.
Gas @ $5 a gal = 2,000 gallons.....Your SS average est 20 MPG's
means you get 2 drive 40K miles more on your Monte ?

Average MPG on a new V6 Mustang is estimate @ 25 MPG's, so you would only gain estimate 5 MPG's more ~> right or wrong...
Decisions = $'s = DeSires = Choices = $'s
Thanks all that fall'in outa my tired mind...
Let us know what U decide......Good Luck

 

My current MPG is 16, but it's usually lower. I'm mostly just driving around town.