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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?
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To: Triffin who wrote (954)9/10/2005 9:11:48 PM
From: bentway   of 1183
 
I don't think we're even near demand destruction yet.

I missed the table, but Venezuala is probably a bad example, since as an oil exporter, they profit hugely from high oil prices and can probably continue to subsidize their local consumption as long as they are selling oil elsewhere. In other countries where this isn't the case, the poor will suffer, as they always do. If we catch a cold from gas prices, a smaller, economically weaker oil importing country may die of pneumonia.

I think a more interesting case is europe, where they've been taxing the hell out of gas forever. Europeans are already used to sky high gas prices, and their governments could LOWER their taxes to keep the price more stable. A solution not as available to us.
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