As predicted, gas went up this morning to $1.439 for regular at the pump. More and more for sale signs can be found on trucks and SUVs in the Vancouver/ lower mainland . It is amazing how many people are hanging on to their big rigs. Just today, at the gas station I noticed that almost everyone paid for gas with the credit card. Soon, those persons will have no credit and the credit unions and banks will be in trouble
(a credit bubble trouble)
Again, there is no short term replacement for crude oil. Suburbia will become the next ghettos, foreclosures will soar along with bankruptcies as poeple try to evade their creditors.. Many people buy big trucks for income tax write-offs but that is coming to an end. Sadly, the goverments have mismanaged the lives of billions of people and now we see the effects of this.