How are your coin buying habits going to change when Gas hits $7.00 a gallon??

Tiny · February 22, 2012 1:08PM

I know mine will certainly slow down as I think a lot of ours will. What happens if gas goes
higher than 7 Bucks, will we be selling our coins to pay for things?

tightbudget · February 22, 2012 1:10PM

As a guy who either walks or take public transportation...

Nothing will change (maybe fares will go up, but that's it)

lasvegasteddy · February 22, 2012 1:10PM

i'd rather think of better things...ok...

JamesMurray · February 22, 2012 1:12PM

Nah , i'm used to a lifetime paying UK petrol prices.

CyStater · February 22, 2012 1:15PM

For me it would mean the same price range of coins. Just less frequent purchases.

Sonorandesertrat · February 22, 2012 1:16PM

That would not affect my buying habits.

melvin289 · February 22, 2012 1:25PM

A lot of people seem to think that the last gas price surge to almost $5 a gallon was the reason for the recession. $7 a gallon gas would wipe out the economy and the middle class for the most part. I probably wouldn't be buying many coins.

Ron

AnkurJ · February 22, 2012 1:27PM

Thankfully my 10 minute commute doesnt take much gas.

SoCalBigMark · February 22, 2012 1:30PM

CNG, we are the Saudi Arabia of natural gas, wake up America!

oreville · February 22, 2012 1:31PM

What would happen to the attendance at the major coin shows if gas hits $7.

Attendance would plummet.

pennyannie · February 22, 2012 2:04PM

I will just raise the rent. In reality i will just end up working more hours to make up the difference. My cat 955 goes thru about 65 gallons of farm diesel every day i operate it, my powerstroke runs on 50 bucks a day ( i quit figuring mileage a long time ago, and just went with a dollar amount)

I can think of no good reason for fuel to hit 7 bucks a gollon, natural gas is tanking and.... 7 bucks a gallon will really take a bite out of my renters that are barely making ends meet now. It will just dig them a deeper hole, they will miss car insurance payments, fail to inspect vehicles, let the tags expire and then end up with 1000 dollars worth of tickets they can not pay.

It will not affect my gun, coin or collectible budget at all, i will still buy what i think i need and want within reason. My collection budget is only affected by the amount uncle sam demands out of me.

bretts911 · February 22, 2012 2:07PM

Well then i would buy a electric car

. speaking of fossil fuels i read somewheres that oil will be depleted in 2055 thats scary.

Matrix1980 · February 22, 2012 2:10PM

They won't I work from home 5 days a week and travel by bus when I need to get around. Had a car for 13 years decided to use the money on my collection by selling it and using other means of transportation.

Mowgli · February 22, 2012 2:24PM

If gas hits $7 (and it won't), I expect my coin buying to increase.

DIMEMAN · February 22, 2012 2:27PM

It will never happen. I never got close to $5 back when that was predicted.

Reminds me of the sky is falling thing.

Broadstruck · February 22, 2012 2:28PM

Nope not gas...

But heating oil might!

SanctionII · February 22, 2012 2:43PM

Gas in the USA will never get to $7.00 per gallon.

Our beloved President will courageously stand up to "Big Oil" and champion the cause of every American to have the price at the pump for gas never climb above $6.99. However, if the price does reach $7.00 per gallon, we all know it is W's fault.

melvin289 · February 22, 2012 2:48PM

Seven dollars a gallon will be nothing after the Arabian fields are depleted and the "Powers That Be" unleash the oil from the Bakken Reserve in mid-America. The Bakken Reserve, urban legend or real, Big Oil has had us all under their thumb for years and this reserve is their ace in the hole. I won't be alive to see it but coins will more than likely be the least of most peoples worries when this comes to pass.

Ron

lkeigwin · February 22, 2012 2:59PM

For one thing, a lot more old coins are gonna come out of the closet.
Lance.

mozin · February 22, 2012 3:10PM

I was sad to hear that our big oil companies are importing lots of oil, refining it, then shipping it off to foreign countries at a higher price than they can get in the USA. Seems to me that this countries government should not allow shipment of refined oil products out of this country, or crude oil, or natural gas.

My coin buying will only be affected by how comfortable I feel about this country, not by prices on collector coins.

WinPitcher · February 22, 2012 3:12PM

It's been 5.00 here in NY at least 2 times that I remember.

Unknown · February 22, 2012 3:37PM

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JamesMurray · February 22, 2012 4:17PM

"sold his entire gold collection"

To purchase bullion one would hope.

19Lyds · February 22, 2012 4:42PM

<< As a guy who either walks or take public transportation...

Nothing will change (maybe fares will go up, but that's it) >>

Think again friend.

If automotive gasoline goes up, diesal will follow.

Diesal is whats used to stock grocery store shelves and dang near everything else.
Diesal is used by FeDex and UPS. Gasoline is used by the USPS. Shipping costs will most certainly skyrocket to cover the extra expenses.

IF gasoline goes up to $7.00 a gallon, the overall economy is going to hurt real bad and IF the oil companies post MORE record setting profits, I will email my congressman, senator, and president on a daily basis asking for Federal Regulations.

Gasoline is the lifeblood of the economy and regardless of what some city folks believe there are millions of folks that rely upon gasoline to put food on their tables and paychecks in their pockets.

This isn't Europe where another country is within hours and a big metropolitan area is just 15 minutes away. The United States of America is spread across the entire continent and was built on the back of gasoline and long commutes. Gasoline to most American families is as much a requirement as electricity and natural gas. Its danged near a public utility to feeds local, country, state and national needs.

illini420 · February 22, 2012 4:45PM

<< Well then i would buy a electric car

. speaking of fossil fuels i read somewheres that oil will be depleted in 2055 thats scary. >>

We will not run out of any fossil fuels anytime in any of our lifetimes.

There have been predictions by many folks for the last 150+ years that the World would run out of coal or run out of oil in the next 10-50 years. But it didn't happen and those predictions did not come true. And it will not happen. The predictions of doom always fail to account for new finds of fuels which future technology lets us discover, better use of existing finds because of better technology and more efficient use of existing fuels in the future.

19Lyds · February 22, 2012 4:47PM

<< Thankfully my 10 minute commute doesnt take much gas. >>

Probably not but the groceries you feed your family with are still reliant upon fuel to get to the grocery shelves.
Food suppliers will either have to absorb the costs or raise prices to cover the additional overhead.

I'm thinking they won't absorb the costs. What do you think?

richbeat · February 22, 2012 4:49PM

I don't even want to think about it.

TwoSides2aCoin · February 22, 2012 9:25PM

I told my daughters long ago, a short story. When I got my first job as a paperboy in 1967, I recall my dad saying "There's a gas war". In those days a gallon cost a quarter.

I kept "tips" from my paper route, for a long time. Those quarters and dimes back in those days still had silver in them. "Wow" , I thought about how my dad would look for a bargain on a gallon of gas and I remembered those words. Fast forward to the Bush years and the Iraq war. I told my daughters then : " See this quarter ? Now this silver quarter has gone up in value and it will take the value of 2 silver quarters to purchase a gallon of gas". The girls weren't impressed. ( I was paying for the gas). Now gas is what ? $3.75 per gallon and going up ? I can get almost 2 gallons for that silver quarter.

My daughter called the other day to say it cost her $75. to fill up her tank. I said, "oh ? That's like 11 silver quarters"

One of these days they might act on what they hear, but I doubt it.

Smittys · February 22, 2012 9:29PM

Car pool with my wife , money left for coins

amwldcoin · February 22, 2012 9:47PM

Well...I'm trying something different from the other side of the table. I'm cutting out many of the smaller shows I do. To compensate for this I opened an ebay store...YIKES! Yeah...the fees are high but with the cost of gas increasing,bourse fees,inceasing,etc.,etc. The fees don't seem so high anymore!

I figure higher gas prices will move some people back to buying online.

BAJJERFAN · February 22, 2012 9:56PM

<< "sold his entire gold collection"

To purchase bullion one would hope. >>

actually twas a beach house.

BAJJERFAN · February 22, 2012 10:01PM

<< 

<< Well then i would buy a electric car

. speaking of fossil fuels i read somewheres that oil will be depleted in 2055 thats scary. >>

We will not run out of any fossil fuels anytime in any of our lifetimes.

There have been predictions by many folks for the last 150+ years that the World would run out of coal or run out of oil in the next 10-50 years. But it didn't happen and those predictions did not come true. And it will not happen. The predictions of doom always fail to account for new finds of fuels which future technology lets us discover, better use of existing finds because of better technology and more efficient use of existing fuels in the future. >>

We should be thankful that the overpopulated third world countries aren't as adept at squandering it as we are.

SaorAlba · February 22, 2012 10:10PM

Coin buying won't stop, but driving kids to the mall etc will.

JCMhouston · February 22, 2012 10:15PM

I'll be buying more coins, assuming the entire economy doesn't go under. Of course I am in the oil and gas business (exploration and production engineering).

notwilight · February 22, 2012 10:33PM

The biggest impact on coins will be that PMs will go up with oil. If you're invested in PM, profits might move money into coins. If you buy coins with a significant portion of their worth tied to PMs, the cost will go up. --Jerry

notwilight · February 22, 2012 10:40PM

<< 

<< Well then i would buy a electric car

. >>

Where do you think electricity comes from? In most cases an electric car burns more fossil fuel than a gas powered car. To power an electric car you generate electricity in a power plant at about 30 to 40% efficiency. 80% of us electricity is generated with fossil fuel. Transmit it to your location. charge your batteries, then power electric motors. After all those losses you're down to about 10 to 20% efficiency. So you have to have 5x to 10x as much fossil energy as you deliver to the axles of an electric car. Physics always wins. --Jerry

TURBO · February 22, 2012 10:46PM

Thank you everyone who cast a vote for obama!!

fishcooker · February 22, 2012 10:48PM

We have long cummutes, so gasoline takes up 5% of the budget. Compared to the 50+% paid in taxes... $7, $9, or $12 gasoline is not a concern.

fishcooker · February 22, 2012 10:49PM

Thank you everyone who cast a vote for obama!!

Amen to that, from a guy with oil wells!

coinhunters · February 22, 2012 10:51PM

I don't own or drive a car anymore. So for me, no change at all.

Twobitcollector · February 22, 2012 10:54PM

NO

EricSan · February 22, 2012 11:10PM

I used to commute 100+ miles/day but now I fill my gas tank once every six weeks (yep, still go to work every day) and don't care what the price of gas is. No changes for me in either direction...

BillJones · February 22, 2012 11:43PM

No big change for me since I go to very few local shows.

The price of gasoline will probably not affect my coin budget yet, but if it gets to close to $10 as it is in Europe, it will put on a bite.

DrPete · February 22, 2012 11:54PM

Buy more gold.

BaronVonBaugh · February 23, 2012 2:30AM

<< Well then i would buy a electric car

. speaking of fossil fuels i read somewheres that oil will be depleted in 2055 thats scary. >>

I would buy an electric car now if somebody would get a decent battery for them on the market.

In the meantime I will keep driving a TDI Jetta.

ambro51 · February 23, 2012 2:49AM

Much on my travel now is by train.

ambro51 · February 23, 2012 2:51AM

As for when the oil is all gone, let's hope they remember how to build wood fired steam engines!

devious · February 23, 2012 2:53AM

I recommend reading the UN Agenda 21 details. I also recommend learning to get away from gas and being more local and community oriented if you are not already. Also, seek out local food suppliers, CSA farms, and co-ops for your food. Throw away the big wigs altogether.

And no, it would not deter me from buying coins. I mostly walk. I spend like 30-40 dollars a month right now on gas. I am not a commuter. I love where I live and there's so much beauty here that I don't need to go far for a vacation. A bike ride away and I am in paradise.

JamesM · February 23, 2012 2:53AM

I would assume that if gas was to suddenly going higher in price it would be do to a global economic issue.

That would lead me to believe that it would be one of two things

Short hike in price due to a oil related issue.

Long term rise in price in, that case we would likely see most commodities rise a similar amount in the same time.

In the second scenario we would see increases in the already growing disparity from the rich to the poor.

How would that affect coins?

The increased selling of lower end common items(bulk silver/gold) with the prices of the top end coins rising as those with cash are looking to reduce cash holdings.

So in summery as the world wide econ moves away from the middle class so would the coin market.

More and more “low” end items will be sold for melt as less and less people are willing to buy those items for more then melt, the top % of coins will go up in value as the wealthy look to invest.

GUINZO1975 · February 23, 2012 3:23AM

If gas hits $7 bucks a gallon it will also drive up the price of gold since both commodities appear to be tied together. The problem I see is that the price of food will skyrocket since ALL food in this country is delivered sent via trucks to the supermarkets.

I don't think oil will ever run out. In fact, we have larger oil reserves in the United States than the entire Middle East combined. The oil in America is in solid form i.e sand, rock. The US gov't can bankrupt the Middle East overnight if it decides to tap into its own oil reserves.

As far as coins go, those of us that have gold & silver coins will continue to reap profits if oil goes up.

Just my two cents.

JCMhouston · February 23, 2012 3:36AM

<< Thank you everyone who cast a vote for obama!! >>

What does he have to do with the price of oil?

Rhetorical question, the answer is nothing at all.

How are your coin buying habits going to change when Gas hits $7.00 a gallon??

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