Quote:
Originally Posted by RawAlex
IMHO, when history is written, the entire financial crisis will be expressed as a very well coordinated attack by oil producing nations, who encouraged a massive runup in oil prices that crippled the US, and started a cascade of financial issues as American's stopped being able to afford their lifestyles. They matched it almost to the day to run into the low interest loan problems, and did more damage to the US than could ever be expected (sort of like Al Qaida people being a little surprised by how much damage was done with a couple of airplanes).
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Not sure I buy into any sort of oil producer conspiracy theory. It is very true that OPEC manipulates the world market as they see fit to keep demand and consequently prices high. BUT, the U.S. still pays about half what the rest of the world does for gasoline.
Also, middle eastern oil production will max out sometime in the next 15-20 years. That doesn't mean we're out, but it means it'll get harder and more expensive to get to the oil. Things get scary at that point if nothing changes.
What I think you'll see in regards to oil prices in this decade is it serves as a wake up call and major kick in the ass to at least move the automobile industry to alternative fuels....electricity seems to be the most likely candidate for now.
This COULD drive another economic boom similar to what we had for technology in the 90's because a major infrastructure upgrade will be required. Odds are also very good that some new car company that may or may not even exist right now will emerge as the best and blow past the dinosaurs in Detroit, Japan, Bavaria, etc.
At this point, it may or may not be a U.S. company. Too much of our technology has been forced off shore due to taxation.