the tindog coffeehouse

A report issued by CIBC World Markets is forecasting that by 2010, oil prices will hit $200 a barrel, which translates to $7-per-gallon for gas.

From Earth2Tech:

To keep it nasty, brutish and short, here’s what that means for U.S. residents:

• Stagflation;
• Driving like Europeans (15 percent less mileage, more public transportation — except Europe has pleasant public transportation);
• Market share for SUVs/vans/light trucks cut in half; vehicle sales collapse to early 80s levels;
• 10 million fewer cars on the road; one in five homes lose their second car;
• Hundreds of thousands of auto-related jobs disappear;
• Spending more per month on gas than food; diminished purchasing power compared to consumers in Europe or Japan.

And oh yeah, the report makes it crystal clear this isn’t a return of the 1970s, when the energy crisis was a painful but shortlived event. No, this one is going to linger for a long time.

Time to look for a new job closer to home!