When will it stop??? $12 per gallon???

[Dr. Evil]

'Squawk Box' Guest Warns of $12-15-a-Gallon Gas
Robert Hirsch, an energy advisor, says CNBC morning show prediction was a citation of the 'Dean of Oil Analysts.'

By Jeff Poor
Business & Media Institute
5/21/2008 3:38:13 PM



It may be the mother of all doom and gloom gas price predictions: $12 for a gallon of gas is “inevitable.”



Robert Hirsch, Management Information Services Senior Energy Advisor, gave a dire warning about the potential future of gas prices on CNBC’s May 20 “Squawk Box”. He told host Becky Quick there was no single thing that would solve the problem, due to the enormity of the problem.





“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”

[Shane]

Sounds like a "peak oil" guy. They've been saying that oil supplies are peaking for decades, but the known reserve figures keep growing.

[Mudslinger]

These are part of the people that are helping to drive up the prices. All they have to say is prices will hit this level and the specualtors know that we have seen the estimate and they figure thye can reach it. Devaluation of the dollar, worldwide demand, and other problems that can be contributed to environmentalists here and abroad can be directly linked to the rise in oil and gas prices. Let us drill here in areas of the US, of the coasts and the ANWR and we will porobably not nmeed the Middle East in 10 years. But, we have to start NOW.

[kyle1974]

Speculators are a major factor in these gas prices.

maybe instead of congress calling exxon to testify, they need to call the asshats on wall street who keep "speculating" on oil futures.

[Shane]

The need to call THEMSELVES. They're the idiots that won't allow exploration, new refineries, nuclear power, or any other thing to be done that would help.

[EZ-10RANCH]

12 dollars, WOW. That makes for a long moped ride to the lease, and cold too. The price of gas is ridiculous and totally out of hand.

[sghill]

Speculators were in the Internet Bubble and it crashed. Speculators were in the housing/mortgage markets. Are we seeing a Commodity bubble?

[white devil]

Wow!!! That would be very bad.Would that stop you from hunting??

[Mudslinger]

Wouldn't make me stop hunting, but it would sure cut down on the # of times I went to the lease and our lease is only 96 miles from the house.

[Jon-Paul]

wouldnt stop me one bit

[Bobcat]

Well...they'll run with that prediction and hike the price to make a buck.
Might not reach $15, but don't discount double digits.

As long as the consumer is willing to listen and consider then they have opened the door to accepting it. Until we find an alternative.

[crittergitter]

at what point does the government step in and stop this madness.

i see all the big gas companies hiring. i have even seen several co workers leave and go to work for exxon and others for the almighty dollar.

i believe when the fruit basket turns over there will alot of lay offs.

i maybe to young to remember but didnt something like this with alot of lay offs happen back in the 70's?

[MAP]

I think alot of guys like that, that quote dooms day predictions, are supported by oil companies like Haliburton...... When they make predictions like this they do nothing more than scare people. Oil companies want people to be scared because then they will push for such things as drilling in the Artic. Companies like Haliburton know there are billions of dollars just waiting for them and all they need is to hear "OK"..... The "OK" comes from politicians who get pushed by the voters who are afraid of the dooms day predictions. Oil companies scare people, in return they get bills and polices that benefit them.

at what point does the government step in and stop this madness.

I've always wondered about this. The government regulates and sets the prices for crops that farmers grow. Why dont they set the price for gas?? I guess because there arent any politicans that have anything to do with farms, but theres alot that are involved with different oil companies

i maybe to young to remember but didnt something like this with alot of lay offs happen back in the 70's?

This happened in the 80's... I'm only 22 but growing up and living in south Texas I've heard all the stories. About 75% of the houses in my parents and grandparents neighborhood went up for sale almost over night when the oil bust hit. All those people owned oil companies and had to file bankruptcy or had their house foreclosed. Those oil companies blow and go when their making money, thats why so many disappear when they hit bad times

[crittergitter]

yea i could not remember if it was the late 70's or early 80's. i did not pay attention to things like that back then.

when it gets bad enough the government will have to step in. history repeats it self and we will see the earlier 80' all over again.

i will feel sorry for the guys that will get laid off but save you spare change there will be alot of good deals on outdoor equipment when this happens.

bottom line the oil companies are going to make their money one way or another.

[Stuck]

The government regulates and sets the prices for crops that farmers grow

.

Since when?