I bought my '03 Z06 (EB) from an insurance auction for less than 10 year-old Toyota or Honda. It was hit very light in the rear and was an
easy fix. I bought it because I think it's the best value of all the American vehicles made that year. I probably have the lowest annual salary of all my friends - I teach part-time (I'd prefer full-time, but in this economy and with my age, finding a full-time position is like finding hens teeth!).
Needless to say, all my friends are envious, yet they're more than willing to buy foreign vehicles and don't seem to make the connection between the lack of decent manufacturing jobs, like there used to be, and their illusions about how foreign manufacturers can produce better vehicles than US ones.
I better include some talk of gasoline and keep the thread consistent - I'm not convinced that it is so critical to run high-octane gas in the 'Vettes. The compression ratio is not that high and I've never heard
complaints of knock or read account of pre-detonation from running
lower octane. With some turbo-charged vehicles, it is a huge issue. But with the LS1 or LS6, I wouldn't think it would be so critical. That being said, 20 ¢ / gal and regular selling here in MA for about $4/gal, represents a 5% increase. Is it worth the worry to consider 5%? That is, about 1¢ difference per mile, or $1.00 every
hundred miles!
At $100 a barrel, the aggregate oil bill for the US comes to $2 billion a day, $730 billion a year, about 6% of US gross domestic product (GDP). About 50% of US consumption is imported at a cost of $1 billion a day, or $365 billion a year. Oil and gas import is the single largest component in the US trade deficit, not imports from Japan or China.
Gasoline prices also will not come down much, not because there is a shortage of crude oil, but because there is a shortage of refinery capacity. The refinery deficiency was created by the appearance of gas-guzzlers that Detroit pushed on the consuming public when gasoline was less than a $1 a gallon and cheaper than bottled water. Refineries are among the most capital-intensive investments, with nightmarish regulatory hurdles. Refineries need to be located where the demand for gasoline is, but families that own three cars do not want to live near a refinery. Thus there is no incentive to expand refinery capacity to bring gasoline prices down because the return on investment will need high gasoline prices to pay for it. It is not the nature of the market to reduce the price of output from investment so that consumers can drive gas-guzzling SUVs that burn most of their fuel sitting in traffic jams on freeways or to run AC in their convertibles:eyerole