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The Real Causes and Wider Macroeconomic Effects of High Gas Prices

Topics
Economy
Energy
Gas Prices
Oil & Gas

Summary

For the second time in decades, Americans will need to seriously consider the high price of fuel when making plans for their summer vacations this year. And while it’s no secret that gas prices are on the rise, the causes of rising fuel prices hide behind conflicting assertions and misinformation. Who or what is really to blame for the higher prices at the pump? How will higher gas prices affect, not only summer vacationers, but the broader economy? Join us for this lively debate where we will discuss the cause of high gas prices, the wider macroeconomic effect of high gas prices, and whether or not we will experience relief any time soon. 

 

Topics Include:

  • What parties are responsible for high gas prices
  • Wide-reaching economic effects of high gas prices
  • Whether or not the Congress berating the oil companies will have any effect on gas prices

Speakers

Gail Tverberg
Gail Tverberg
Editor
The Oil Drum
details
David Summers
David Summers
Curators' Professor Emer...
Missouri University of S...
details
James Hamilton
James Hamilton
details
Scott Albro
Scott Albro
Founder, CEO
Focus
details
abraham abraham
abraham abraham added a comment
supply and demand has very little to do with gas prices. greed and the devaluation of the us dollar. research 5 year chart of crude prices compared with gas usage. also the us military is the largest consumer of petro fuel. they don't care how much they pay for fuel. research the info
Feb. 4, 2012
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Andrew McKillop
Andrew McKillop added a comment
Run a Google check on my name and "oil prices" I say its impossible to find a one-word explanation for current recession by saying "oil" Take the 1979-80 crisis with US interest rates gouged to over 20%: oil prices hit about $90 a barrel in current dollars, but why is there no inflation today with about the same oil price, and whatever happened to interest rates ? Fact is, if US interest rates were hiked to even 10% the economy would meltdown faster than a Fukushima reactor
July 6, 2011
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@SSHobbs tweeted
RT @focus Starting NOW: The Real Causes and Effects of High #Gas Prices focus.com/c/GmW/ #FocusRT620 #economy
June 20, 2011
@brendonswisher tweeted
RT @courtneysato Long-term, however, increases in crude prices likely. via James Hamilton #FocusRT620 #oil
June 20, 2011
@courtneysato tweeted
Long-term, however, increases in crude prices likely. via James Hamilton #FocusRT620 #oil
June 20, 2011
@courtneysato tweeted
Reductions in demand in US are significant. If we dont see further disruptions, drop in crude prices likely. via James Hamilton #FocusRT620
June 20, 2011
@courtneysato tweeted
If Saudis increase production, #gas prices will stay the same. David Summers doesnt foresee them increasing production. #FocusRT620 #oil
June 20, 2011
@RachLaurenMarks tweeted
Americans buy about $140 billion gallons of gasoline each year #FocusRT620 #oil #economy
June 20, 2011
@courtneysato tweeted
The relatively low price of LNG in face of high #oil prices is preventing us from falling deeper into recession. #FocusRT620 #gas
June 20, 2011
@courtneysato tweeted
What is the primary economic impact of high #gas prices? reduction in consumption => decrease in demand, unemployment... #FocusRT620 #oil
June 20, 2011
@courtneysato tweeted
China's oil consumption = 1/3 that of Mexico. As China's population becomes more wealthy, their demand for #oil will increase. #FocusRT620
June 20, 2011
@courtneysato tweeted
Can #China implement an effective renewable transportation fuel policy? Will any progress be offset by population growth? #FocusRT620 #oil
June 20, 2011
@courtneysato tweeted
Employment tied to demand for #oil. If people dont have $ to pay for gas, demand will be lower. #FocusRT620
June 20, 2011
@nipj tweeted
Live event now..."ethanol is 3% of our oil supply. It's just not scalable [as alt energy]" @gailtheactuary #FocusRT620 http://t.co/dgZRCCV
June 20, 2011
Scott Albro
Scott Albro added a comment
Watch what OPEC does, not what it says.
June 20, 2011
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@courtneysato tweeted
Do we even have good alternatives to oil? Nuclear and wind make electricity; not transportation fuel alternatives. #FocusRT620
June 20, 2011
@courtneysato tweeted
Are Saudis trying to keep price of oil at a pt where foreign govs dont invest in alternative energy? They did it in the 70s. #FocusRT620
June 20, 2011
@HassleFreeCash tweeted
Starting NOW: The Real Causes and Effects of High #Gas Prices focus.com/c/GmW/ #FocusRT620 #economy
June 20, 2011
@courtneysato tweeted
Even if Saudis could increase supply, the reality is that they havent, and we need to come to terms with such a reality. #FocusRT620 #OPEC
June 20, 2011
@courtneysato tweeted
Saudis have lost control of the price of #oil via Econ Browser's James Hamilton. #FocusRT620 #OPEC
June 20, 2011
Scott Albro
Scott Albro added a comment
Great panel for today's roundtable. It's an honor to moderate this event.
June 20, 2011
Reply to this comment
@courtneysato tweeted
Join us in 10: The Real Causes and Effects of High #Gas Prices focus.com/c/GmW/ #FocusRT620 #economy
June 20, 2011
@gailtheactuary tweeted
Attending @Focus RT:The Real Causes and Wider Macroeconomic Effects of High Gas Prices June20, 11am PT, #FocusRT620 http://t.co/NvGlU9w
June 20, 2011
@courtneysato tweeted
Starting in 20 minutes: The Real Causes and Effects of High #Gas Prices http://t.co/NSXrtxL #FocusRT620 #economy
June 20, 2011
Courtney Sato
Courtney Sato asked a question
How will gas prices be affected by a dissolution of OPEC—in the short run and in the long run?
June 19, 2011
5 Answers · Answer this Question
@courtneysato tweeted
The Real Causes and Effects of High #Gas Prices with @theoildrum Gail Tverberg and David Summers [6/20] http://t.co/NSXrtxL #FocusRT620
June 19, 2011
Fernanda Sanchez
Fernanda Sanchez asked a question
What percentage of energy must come from alternative sources before crude prices fall?
Is there a tipping point where alternative energy sources supply a significant enough portion of the market so that crude prices actually start to decline on a long term basis?
June 17, 2011
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Fernanda Sanchez
Fernanda Sanchez asked a question
Is the primary economic impact of higher gas prices reduced consumer spending?
June 17, 2011
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Fernanda Sanchez
Fernanda Sanchez asked a question
What impact does a $10 increase in crude oil prices have on American GDP?
June 17, 2011
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Courtney Sato
Courtney Sato asked a question
Can biofuels play a significant role in the in the fuel supply in the near future?
There has been an increase in anticipated displacement of oil by biofuels, BP now carrying that production as part of its statistical review for this year.  Can biofuels play much part in the supply of fuel in the near future?
June 17, 2011
Be the first to answer

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