For general discussion and debate. Possible talking point: declining energy prices.
As many of you have likely noticed, energy prices have been plummeting the past four weeks or so with oil under $120 this morning and wholesale gasoline under $3. Last week, Goldman Sachs said the recent decline in gasoline demand will be short-lived once people get used to these higher prices, and oil will head higher as a result. Do you agree, or think that what's happened here is prices finally got to a point that either angered people or impacted their budgets thereby forcing changes in behavior that could be long-term?
Consider that when this happened in the '70s, Americans radically altered their behavior by trading in their gas guzzlers for smaller, fuel efficient Japanese cars. This trend lasted long enough for American automakers to have lots of problems until they caught up in the mid-'80s. Thoughts?
Final question: would lower oil and gas prices as we head into the elections help McCain, or would it be better for them to stay high so that Republicans would have an issue to beat up Democrats over?
