SW Richmond

How Bad Is the Oil Shock of 2008?

If one uses genuine rather than government inflation statistics I believe the picture becomes clearer. I remember 1974. Oil has begun to affect behavior, but it has only begun to do so. The oil shock has only begun. People still drive SUV's, but some are starting to dump them. When this becomes a deluge, you'll know it hurts. When 80% or more of vehicles at the gas stations are compacts and subcompacts, you'll know. When you see a majority of J6P buying 5 or 6 gallons instead of filling up, you'll know. When the talk at the water cooler is totally dominated by gas prices, you'll know. When federal, state and local governments all start urging people to turn off lights and save energy, you'll know.

We're nowhere near that yet. Years to go.