When I started this blog in 2007, it was part of the World Without Oil alternative reality game. At the time, gas prices had started slowly rising, but in the game, they were shooting up, beginning at $4.12 and eventually ending at $5.59.
Well, as we know, in 2008, oil did shoot up to nearly $150/barrel, which I think was around an average of $4.11/gallon--as in the game. And then, of course, everything came crashing down, millions were thrown out of work, and oil fell down to $33/barrel.
Jump ahead now to 2011, and oil's at $91/barrel and gas over $3.10 (at least here outside Philly). Higher gas prices may be ahead, up to $4.11 again. And now we have over 9% unemployment, and U6 (under-employment) (hi, that would include me) at 17%.
Rising gas prices in an economy that's not getting better for us in the bottom 90%? Well, if you can see how this is sustainable, enlighten me.