Are We Expieriencing 2008 All Over Again?

@elmiko (6640)
United States
February 24, 2011 3:09am CST
Once again oil prices are starting to skyrocket just like in 2008. Many will say its due to the tensions in the Middle East. However, oil prices are starting to go higher anyway minus the tensions in the Middle East. Gadhafi needs to do his country and world a favor and step aside. Its terrible hes killing his own people, but hes also reaching into everyone's wallet by driving up oil prices due to instability in the region.
1 person likes this
5 responses
@Lakota12 (42684)
• United States
26 Feb 11
I think it rediculas for oil to go up becasue some idiot wont step down . Do we get oil from there? not sure as oil seems to be every where. He slao should be put in jail for killing his own people thats not right. Yup he should step down and let the one they want there to step in and take over!
@elmiko (6640)
• United States
8 Mar 11
i don't know if we exactly get oil from libya, but it makes the overall supply of oil lower which raises prices. oil is priced in the dollar everywhere. i would say we probably get some oil from libya as its close to many middle eastern countries.
@Lakota12 (42684)
• United States
9 Mar 11
we have oil here if they would just uncp it and start selling it to us only1 From what I have read they havent found any new oil feilds and they sure got to be getting low if no new feilds are not being found in the middle eaast.
@picjim (3003)
• India
24 Feb 11
I agree with the view of my earlier friend.But if oil does go up either due to political instability or depletion of reserves,it is bound to have a devastating effect on all our economies.Gadhafi would certainly have done us all a favour by ensuring a smooth transition of power to the person of people's choice.Though it is being made out by the media in India that the current crisis will severely dent the economy here,i feel no country that depends on import of oil can get away from the ill effects of a huge rise in oil prices.
• Malaysia
24 Feb 11
I also believe that political unbalance could be decisive in this oil price hike situation...I couldn't agree more that Gadhafi should step down and hand the power to the person chosen by the people, because I have always believed in the democracy power of the people...Certainly, countries that import much of its oil will be greatly affected by the increase as it will effect many industries such as tourism and transportation... I hope that the conflict will be settled by in a good way...
@elmiko (6640)
• United States
25 Feb 11
livecenter, i do agree that the political unbalance could be decisive and might even give opec an excuse to raise oil prices more then they should. more then anything i think the paranoia of political instability is raising oil prices more then anything. i think there is at least somewhat an overreaction.
@rsa101 (15541)
• Quezon City, Philippines
25 Feb 11
Well I guess that is what happens when an Oil rich country meets some kind of internal problem and the whole world turns upside down as well. That is why US is always taking control of this Arab nations since any instability that may happen can cause the whole world in trouble. These Oil Rich nations that are controlled by tyrants/dictator are the ones that really troubles us since they are the ones not under the influence of the superpowers and when their leadership is weakened then they usually are hard to contain like in Iraq before. Until today they are not totally under control since they were ruled by a tyrant before.
@elmiko (6640)
• United States
25 Feb 11
thanks for the response.
• United States
24 Feb 11
I am so sick of worrying about gas prices its awful. Im glad I don't have to buy heating oil. I think it is ridiculous because of unrest in Middle East we always suffer. It just stinks.
@elmiko (6640)
• United States
25 Feb 11
yes, it does stink. i really urge people to support natural gas as a transportation source because its much more affordable. natural gas costs around 20 times less then oil. the benefits on the engines due to less corrosion as well as generating less c02 emissions is also a plus.
@livecenter (1138)
• Malaysia
24 Feb 11
Somehow people are keep talking about the Middle East and the conflict that is happening there, and their direct relationship with the oil price hike...As for me, I believe it is also due to the depletion of oil supply, as more and more oil are used every day...In terms of economy it works like that - when the supply decreases, the demand increases, and thus driving the price up... What we must do first is that to reduce our oil usage, for example walking instead of driving to near places, rather than pointing to the conflict happening in the Middle East...
@elmiko (6640)
• United States
25 Feb 11
well that's a small solution to the problem. there's so much natural gas being discovered that i say it would be the best alternative currently. it actually cost less now then coal as far as energy prices go. it also has less co2 emissions then coal and gasoline as well. the less corrosive effects on engines from natural gas when compared to gasoline would also make vehicles last longer. another plus is natural gas would help create more jobs because its more affordable to the average person.