There are a few testimonials from readers on CNN.com. It all stems around gas prices. How much worse will things get and how many more people will be affected when the prices rise to $4-5 a gallon or more? A lot of people that just glance at the whole peak oil theory make the mistake of believing that the doom and gloomers think that we're going to run out of oil. It's not about running out. It's about demand increasing beyond the supply which, naturally, results in gas becoming prohibitively expensive for your average joe. This couldn't have come at a worse time. Between the credit crunch, the housing bubble bursting and the price of gas skyrocketing due to peak oil we could very well be on the verge of a major crash. Expect gas prices to further devalue the real estate market when everyone wants to move closer to their jobs but can't sell their house for anywhere near the amount that their mortgage is worth.
Friday, February 29, 2008
Posted by The Urban Survivalist at 4:39 PM