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Warren Buffett: Rising Gas Prices Won’t Derail Economic Recovery

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By Doug Powers  •  February 27, 2012 10:33 PM

**Written by Doug Powers

This morning I filled up the gas tank, and my wallet thought it got hooked up to a 100 horsepower electric cow milker, but it’s good to know that the extra pain isn’t standing in the way of an economic recovery. At least not according to Warren Buffett.

From The Hill:

Billionaire investor Warren Buffett expressed confidence Monday that surging oil and gasoline prices won’t halt the country’s economic recovery.

“They’re a minus, but I don’t see them stopping things,” Buffett said on CNBC.
[…]
“I’d rather have them a lot lower,” said Buffett, a supporter of President Obama. But he then added: “I do not think it will derail what has been going on now for almost three years, two and a half years — we have had a steady recovery.”

Remember though, sometimes even Buffett’s predictions are off base. It’s just that most people don’t have the luxury of his margin of error.

Some Democrats aren’t as convinced as Buffett. They’re not yet saying “drill, baby drill,” but they are on the verge of summoning its baby brother, “tap, baby tap.” As for me, I’ve stopped cleaning the fish tank so as to have a head start on a fuel stockpile for whenever the new algae powered cars come out.
*****

Passing thought: How about a “Buffett Rule” for gas? The idea would be that people like Warren Buffett pay substantially more at the pump so the rest of us can pay less, or even nothing at all. As it stands right now, somebody who makes $50 million a year pays $4 a gallon, and somebody who makes $30,000 a year also pays $4 a gallon. That’s just not fair to Buffett’s secretary.

To make it fair, the former should be paying about $8,500 a gallon for gas, and the latter nothing. Whaddaya say, Mr. Buffett? …Mr. Buffett?

**Written by Doug Powers

Twitter @ThePowersThatBe

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