Economic Fall Out Being Felt In The States

MSNBC Market Summary

As of today the stocks fell big time. Isreals stocks also took a steep dive today, and I'm sure it will soon be felt world wide. Oil hit a new record as well, but if Syria and Iran get involved in a war with Isreal, whether or not America is directly involved gass prices are going to skyrocket. The people of America are going to get hit hard by an oil crisis if this happens and our economy could go into a tailspin. I know we have oil reserves, but is it for civil use or military, and how much can be released a day? Oil rations? Is that a big enough threat to get us over there to secure oil fields from Iran? Appears as a loose loose situation.

I heard that Senate is allowing more off shore drilling for oil use now in response to prices going up. But only in places that are designated that is allowed to be drilled. We need NEW SOURCES. Someone needs to nail a reformation-like article of America's demands on Senate

[edit on 14-7-2006 by sanctum]

It may be an economical fall out for the working class in America.

For the oil barons is business, profits and a great year ahead of them.

Originally posted by RetinoidReceptor

I heard that Senate is allowing more off shore drilling for oil use now in response to prices going up. But only in places that are designated that is allowed to be drilled. We need NEW SOURCES. Someone needs to nail a reformation-like article of America's demands on Senate

Indeed we need more oil then what we can get if Iran stops selling. If Iran stops selling there may be a chance Chavez may stop as well. Sounds like two things to me, one being a world war, second a massive world wide depression.

If oil prices continue to climb the prices of your everyday items will increase. Anything that needs shipping, anything that is made by oil products, and that will lead to a surge in inflation. That is of course a possibility if oil from major sources like Iran are stopped completely. Our own sources can supply us but they are years away from being in production.

Originally posted by marg6043
It may be an economical fall out for the working class in America.

For the oil barons is business, profits and a great year ahead of them.

What those "barons" havent seemed to grasp yet is that the working class keeps their heads above water....if they inflict too much damage to the working class they will be the ones coming crashing down as well.

Originally posted by XphilesPhan
if they inflict too much damage to the working class they will be the ones coming crashing down as well.

I agree with you . . . but as you can see the oil prices have been kept up and pushing higher and so far the working class America has been very flexible and content.

If prices soar due to middle east crisis then the patriotic duty of every American to back up their nation in time of crisis will be exploit again like after 9/11 and people will once again comply with not much ado.

This is the way that American working class has been trained to respond in case of crisis.

I am flexible to a point, I am a college student paying my own way and I simply can not affoard $4-5 a gallon. Not saying I will take up arms and ambush my local Speedway but... actually there is nothing I can do is there? well now I have depressed myself. Congress will be under massive public pressure though, election year and all.

Yes Congress will be under pressure but . . . all eyes in America will be diverted and directed to an Israel middle east conflict and that will keep everybody on their seat edge.

After all US has always keep littler brother close at hart and so most of the American people.

Gas prices will soar but it will be because the evil countries surrounding Israel are at fault.

How much can the nation take it depend of how well the people has been worked out to be compliant.

Get ready for $4/gallon by Labor Day. As the middle class waits in line while they ration (like the Carter days), the upper middle will have to siphon from their yachts. Its times like this I'm glad to have two cars with even and odd license plates. I'll be able to get gas on both even and odd days when they ration.

Originally posted by marg6043
Yes Congress will be under pressure but . . . all eyes in America will be diverted and directed to an Israel middle east conflict and that will keep everybody on their seat edge.

After all US has always keep littler brother close at hart and so most of the American people.

Gas prices will soar but it will be because the evil countries surrounding Israel are at fault.

How much can the nation take it depend of how well the people has been worked out to be compliant.

Don't be so sure about that. I have spoken to a few people about oil prices increasing and they are blaming ISRAEL. And they do not want any war. I personally blame both of them. I want to be an Isolationist society again god dammit

So do I but would you allow an ally of ours to be attacked? We control Iraqi oil fields at the moment, we can draw from their reserves without having to pay for it could we not?

Originally posted by Rockpuck
So do I but would you allow an ally of ours to be attacked? We control Iraqi oil fields at the moment, we can draw from their reserves without having to pay for it could we not?

And US also is the third largest producer of oil. Where is our oil?

Where is the Iraqi oil? is all in private hands.

You still have to pay the piper.



mod edit: quote tags

[edit on 14-7-2006 by sanctum]

Just reported to clarify on Hanity and Clomes Iranian forces attacked Isreal from within the Lebonese borders. They fired a rocket at an Isreali town that Isreal has just struck where they believe the attack originated. This is escelating quickly.

Woah...

wait a minute - that was said on hanity & colmbs? Is there any confirmation of iranian's attacking israel or is that just speculation?

And by the way about the oil - I for one DO NOT want the US to start tapping into its reserves. That stuff is meant to keep us alive if and when the world dries up. Economic hardship, imho is not reason enough for us to start using what emergency reserves we have.

Originally posted by zeeon
Woah...

wait a minute - that was said on hanity & colmbs? Is there any confirmation of iranian's attacking israel or is that just speculation?

And by the way about the oil - I for one DO NOT want the US to start tapping into its reserves. That stuff is meant to keep us alive if and when the world dries up. Economic hardship, imho is not reason enough for us to start using what emergency reserves we have.

There are places such as the coast off of Key West that can support the US for quite a while

Looks like another bad day for the markets, price of gass average is up to $3.20 across the nation.

Yahoo Market Watch

original quote by:RetinoidReceptor
There are places such as the coast off of Key West that can support the US for quite a while

Woaw! hold the phone there guys.

Being that I live and work in the Florida Keys; I have a vested opinion on this matter.
Setting up oil Platforms off the coast of the Keys is a horrible idea.
1.) One spill could be devastating to our economy as it depends on tourism.
2.)our ecosystem is alot more sensitive than most people know. We have the nations only living coral reef. A very delicate ecosystem that lives in it that is unique to this part of the world. Again one spill destroys all of that.
3.) the answer is not drilling for more oil. the answers are two fold.
A.)Build more refineries while we B.) develop alternative fuels and ween ourselves off of oil. Why must we wait until oil runs the heck out before we go onto something else? Thats like closing the barn door after the horse has already gotten out.

Also the current distance is fifty miles off shore. Jeb Bush is trying to get it pushed to 100 miles off shore- for what its worth.

I heard on our local fox 4 news this morning that here in the K.C. area the gas prices will be over $3 a gal. in a couple of days and after that they said expect gas prices to soar higher than we have ever seen in the U.S. I filled up this morning for $2.79 a gal.

Our economy is already hurting and people are stressing over higher intrest rates, this is the last thing we need. Groceries are going to be SO expencive. Not looking forward to this at all.

My husband is a small business owner. It is very scary watching everything start to take its toll. We had a scare just a week ago. Builders have not been able to sell houses, therefore not makeing money, and not paying their bills. Finaly got a few to pay up so we were ok...this time. I do not think people understand how fragile our economy is right now. It wont take long at all for a depression to hit. It would only take MAYBE a month or two from where we are right now, and the domino effect would hit EVERYONE. No cars, houses, or merchandice sold, means more layoffs, and small businesses having to shut down. That means more people will not be able to pay their bills so, rates for all utilities will go up to cover it.

As it is now with gas prices being what they are, many people are finding themselvs choosing between gas and groceries. I hate to think about what kind of position many will be in, a month from now when they are both sky high.

Also, our local news this morning blamed it on the war Isreal is having right now. Personally, I feel it has more to do with ignorance over time than a war with Isreal. Ignorance is only bliss for a short time. Everyone has to face reality sooner or later.