"The oil-rich keep on getting richer"

Many Americans have chosen the SUV as their mode of transportation and those that control the oil market are absolutely loving it. The cost to fill up an SUV compared to a small economic- friendly vehicle is taking its toll on those consumers. With the prices being at the current, there may no longer be an economic-friendly vehicle, no matter what the size. In an article written in the Salt Lake Tribune, the author writes that "market constraints underlying high and volatile energy prices suggest that higher oil prices could be here to stay." The higher oil prices may have an impact on your next vehicle purchase, but American's are a "drive-at-any-price" culture and we will still continue to pay for the gas because of our dependence on our vehicles. With our culture being so dependent of car's, those that own and control the oil industry will continue to reep the reward and we will continue to pay the high price.


Bruce Banner said...

I think in the short run of things that consumers will buy fuel at any price but aventually things will change and consumers will try to find a different vehicle that will save them money.

Biancca said...

I agree with Bruce. This trend can't continue. I think the little electric cars, or vehicles that run on vegatable oil...things like that are becomming more popular, and one of those environment friendly trends is bound to catch on -- especially if people can save money with them.

Bryce Larkin said...

It is true the US economy keeps on driving gas drinking SUVs. But I have seen a large amount of smaller cars on the freeways and more gas efficient vehicles being sold. I think people are responding slowly, but they are responding, to the high oil prices.

John West said...

If someone wants to drive an SUV, I don't think that there should be a federal case made of it. Sure, it would be nice if everyone drove a hybrid, but not everyone has the same tastes and preferences. Also, I don't think that these high oil prices are here to stay in the long-run.

Taber Wolrab said...

I agree that as gas prices go up, people will continue to buy SUV's and pay the price for the extra cost of gas. After awhile prices will seem normal and those people that were buying more gas-conservative cars will again start buying the more expensive to drive SUV's. The price is our decision, but most would rather a nice, better looking car, than a small gas saver.

Maudi said...

I agree that Americans have got into the mode that bigger is better. When in reality bigger is not always better. An example of this is the amount of food or gas that we consume. Suv's are obviously not the optimal vehicle at this time in our current oil state;however, were continue to buy and spend our money on somthing that is really not a good thing. I hope that we don't continue this trend or we will be feeding into the thing that will be the end of Americas great reign.

Dr. Tufte said...

-2 for spelling mistakes and no link in Jake's post.

The posts and comments are not good examples of thinking like economists. If you think it is irrational for people to buy SUVs, and they are buying them anyway, then you need to figure out why that is in fact rational. Obviously gas prices are going to influence that decision, but really, who do you know that bought a car on the basis of the price of gas?

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