So, as a kid who's only been on this earth for 16 short years, I've got a question for you older folks on the board (no offense intended ).
Gas has hit record highs currently, though, in doing some research, this isn't the only time this has happend. From what I've seen, this has happend in the late 60's (during the Six-Day War), the 70's (OAPEC and the Yom Kippur War) and the early 90's (brief period during the Gulf War).
My question to you is this:
In your opinion, how does this compare to the previous spikes in oil prices? (Other than the obvious, that oil is now at it's higest-recorded price in history.) I mean this in the sense of speculation, downsizing in the auto industry, how long it lasted, etc, etc.
What do you think will come of this? (Do you think it'll blow over soon? In a couple years? Or are these prices here to stay - or even get worse?)
Note: This is not being used for any type of research / class, etc. - I'm simply curious.