You have got to be kidding me..

[wxcrazytwo]

http://www.foxnews.com/story/0,2933,167946,00.html

I totally disagree with the article. This is going to impact us in a major way..If you have higher gas prices, then everthing else goes up.

[Stephanie]

That didn't come from Bush but from one of the White House economists.

I think that guy needs to go back to school and learn how to look at the "BIG PICTURE".

[wxcrazytwo]

That didn't come from Bush but from one of the White House economists.

I think that guy needs to go back to school and learn how to look at the "BIG PICTURE".

Steph, its his adminstration. But I agree with you, this guy really needs to see the bigger picture...

[Liberty30]

That didn't come from Bush but from one of the White House economists.

I think that guy needs to go back to school and learn how to look at the "BIG PICTURE".

I completely agree. The media and the government are trying to avoid inciting public panic, but the people need to know the truth. Anyone who has read the studies and has half a brain should realize what is going on. It doesn't take a rocket scientist to figure out that this is going to push us back into a recession... if not worse.

[NFLnut]

http://www.foxnews.com/story/0,2933,167946,00.html

I totally disagree with the article. This is going to impact us in a major way..If you have higher gas prices, then everthing else goes up..Bush needs to take his finger out of arse and listen to the needs of the American public.

Obviously, we're in for a short-term shock in gas prices, especially in the South. But when distribution and refining returns somewhat to normal, then yes, the impact WILL be limited. We have proven over the last 2 years that we are not effected by high gas prices. The price has been at all-time highs though adjusted for inflation, but consumption has actually increased.

We are still MUCH lower than 70's prices. We would have to pay in excess of $4.00/gallon to equal what we were paying in the 70s. So the report is actually very correct. Additionally, saying such a rude thing about the President, who didn't even write the statement, is childish!

[raisinsnacks]

Even though the administration is probably very incorrect in this statement...When there is so much looting and civil unrest, it would be VERY dangerous for the President to publically discuss anything but a full and speedy economic recovery.

[Liberty30]

Despite the apparent good shape of the pipelines, many of those who worked on the oil rigs have lost everything (maybe even their lives), and exactly how are the ships going to come in to New Orleans to drop off their oil?

But an exacerbating factor for the economy (perhaps even more important than gas prices) is that we have lost one of our nations most strategic ports.

[blueeyes_austin]

While the direct economic and human costs will be greater than 9/11, NOLA and the Gulf Coast simply do not play a big enough role in the national economy to really shake it. Once the pipelines are restored to operations and the port in the gulf reopened, the major effects will be diminished.

[simplyme]

We are still MUCH lower than 70's prices. We would have to pay in excess of $4.00/gallon to equal what we were paying in the 70s. So the report is actually very correct.

I'm not sure where you're located NFLnut, but gas prices in Atlanta got near or above $5.00 today. At or above $4.00 where I am in Florida now also. So saying we're MUCH lower then the 70's prices is not accurate at all... prices are rising, and will continue to rise.

[cjrciadt]

Inflation adjusted the 1980 high for gas prices comes to 3.15 anything higher is above those prices.

[NFLnut]

double post

[NFLnut]

We are still MUCH lower than 70's prices. We would have to pay in excess of $4.00/gallon to equal what we were paying in the 70s. So the report is actually very correct.

I'm not sure where you're located NFLnut, but gas prices in Atlanta got near or above $5.00 today. At or above $4.00 where I am in Florida now also. So saying we're MUCH lower then the 70's prices is not accurate at all... prices are rising, and will continue to rise.

First of all, the prices in Atlanta were artificially inflated by opportunists and if you bothered to read the news you would find out the the Governor of Georgia has not only warned for it not to happen again, but the stations that "got near or above $5.00" are being prosecuted as we speak.

Second, I don't know where you are in Florida, but in Orlando, you can still find stations that are at or slightly above what they were two days ago.

Third, if you read my post, I said that we WOULD have a SHORT-TERM shock in gas prices. Besides, as long as morons are in 20-car long lines buying gas because they're afraid we're going to run out, the prices will escalate MUCH higher, MUCH faster!

[NFLnut]

Inflation adjusted the 1980 high for gas prices comes to 3.15 anything higher is above those prices.

I said 1970s prices, in the middle of the oil crisis.

[cjrciadt]

Inflation adjusted the 1980 high for gas prices comes to 3.15 anything higher is above those prices.

I said 1970s prices, in the middle of the oil crisis.

Hard for even me to believe though 1980 prices was still higher inflated adjusted, $3.00 bucks today is higher than 1974 embargo prices and the 1980 former high no matter the circumstances.http://money.howstuffworks.com/gas-price1.htm

[mahicks]

While the direct economic and human costs will be greater than 9/11, NOLA and the Gulf Coast simply do not play a big enough role in the national economy to really shake it. Once the pipelines are restored to operations and the port in the gulf reopened, the major effects will be diminished.

Just out of curiousity. Do you have any references for this?

Also,If the Gulf Coast(and all the oil, tourism, textiles, major ports of call, etc) aren't important to the entire nations economy....

Then what entire regions do you consider a big enough player to shake the economy?
New York, sure, Everyone can fathom that. But other than there, where?

[simplyme]

We are still MUCH lower than 70's prices. We would have to pay in excess of $4.00/gallon to equal what we were paying in the 70s. So the report is actually very correct.

I'm not sure where you're located NFLnut, but gas prices in Atlanta got near or above $5.00 today. At or above $4.00 where I am in Florida now also. So saying we're MUCH lower then the 70's prices is not accurate at all... prices are rising, and will continue to rise.

First of all, the prices in Atlanta were artificially inflated by opportunists and if you bothered to read the news you would find out the the Governor of Georgia has not only warned for it not to happen again, but the stations that "got near or above $5.00" are being prosecuted as we speak.

Second, I don't know where you are in Florida, but in Orlando, you can still find stations that are at or slightly above what they were two days ago.

Third, if you read my post, I said that we WOULD have a SHORT-TERM shock in gas prices. Besides, as long as morons are in 20-car long lines buying gas because they're afraid we're going to run out, the prices will escalate MUCH higher, MUCH faster!

You're right. I'm mistaken. Gas prices where I am are around $3.00, not $4.00. I just filled up, and I can only blame a $0.25 price jump (from yesterday) for my brain being fried. Yes, I filled up at half a tank... no terribly long lines, but I'm leaving town for the long weekend, and am moderately afraid at what the situation will be when I get back. I can only hope the price jump is temporary, as is the supposed long lines and possible shortage. With the season just now starting to hit it's peak, the prospect of being in S. Florida with a possible shortage makes me feel extremely vulnerable.

[NFLnut]

You're right. I'm mistaken. Gas prices where I am are around $3.00, not $4.00. I just filled up, and I can only blame a $0.25 price jump (from yesterday) for my brain being fried. Yes, I filled up at half a tank... no terribly long lines, but I'm leaving town for the long weekend, and am moderately afraid at what the situation will be when I get back. I can only hope the price jump is temporary, as is the supposed long lines and possible shortage. With the season just now starting to hit it's peak, the prospect of being in S. Florida with a possible shortage makes me feel extremely vulnerable.

What we will see over the next two weeks will certainly be prices that NONE of us want to pay for gas. I don't like filling up my SUV (which I need for my work) with $3.00/up gas, but I also know that we will experience a short-term bubble in prices because of two things: (1) obviously, Katrina and the refineries that are temporarily shut down (2) the Labor Day weekend. After a month or three, prices should level back down close to what we are paying now. Demand traditionally goes down after the Summer months, and there is no reason to think that won't happen THIS year.

I'm just thrilled to be able to buy gas. I still don't take the process of having readily available gas lightly! After Charley, Frances, and Jeanne there were very few gas stations for several days after all three storms that had power to pump the gas out, and thus they would run out after a few hours.