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Personally I could easily live with very high gas prices, but realistically they would be catastrophic for many people especially those who are barely getting by today. Crime would explode as desperate people rationalized that they would be better off in prison.
I'ts climbing up here. The 7-eleven at the entrance to my neighborhood was at $3.449 for regular yesterday. Premium was close to $3.80. This summer it looks like we may hit $4 a gallon for the first time, and I am sure the tourist industry is scared stiff or the consequences of $4+, much less $10 a gallon. It ($10 a gal) would mean almost $600 billion more money leaving the US every year. That's 6 trillion in bank funding of the economy gone every year. Compare that to the gross national product and you have the recipe for another great depression. Inflation would skyrocket as people raced to raise their prices to cover costs of shipping. The airline industry would collapse.
regards
Mech
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