High Oil Prices = $14 Million Dollar License Plate |
3 Comments |
| By Michael d'Estries in Peak Oil | February 19, 2008 | |
Ever wonder where your money goes after you’ve finished paying at the pump? We touched upon this briefly with a pictorial look in our most recent bobolink, but today’s odd news of a record auction sale just confirms it.
Apparently, a businessman from the United Arab Emirates purchased a license plate with the number 1 on it for a record $14.3 million dollars. That’s one hell of a vanity plate. You’ll be comforted to know that the previous record was $6.8 million for Plate Number 5 sold last year to a stock broker. From the article,
Gulf Arab countries like the United Arab Emirates, home to Abu Dhabi, are swimming in cash after windfall profits from high oil prices. At this rate, the Gulf region will pull in $6.2 trillion in oil money before the year 2020, management consulting firm McKinsey & Company estimates. The auctions take place monthly, organized by Al Mannaie’s company on behalf of the Abu Dhabi Police Department. The past five auctions raised $56 million across 393 plates, with all proceeds going to charity. Money from today’s record sell will go to victims of road accidents.
So on one hand, we’ve got crazy sums of money being spent on small pieces of aluminum. On the other, this is all benefiting charity. Light at the end of the tunnel? Perhaps — but one look at Dubai’s penchant for eclectic design and high-end luxury only proves that the good times will keep coming as long as we’re willing to keep paying. Hey — at least they’re also investing in the largest sustainability effort ever undertaken by a government, right?
via ABC News
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urbanmike said,
Is it a bad thing that we are getting these guys all flush with cash? Let’s see if they can’t survive the decade after peak oil after gouging the rest of the world for more than a decade.
Transforming a desert into a thriving city takes a lot of oil and clean water, both of which are going to run out one day. Dubai is an example of a city that will one day crumble under it’s own planning, population and infrastructure shortcomings, unfortunately like many western cities as well.
This number plate will one day serve as a reminder to invest in things that will have long term value, not pieces of aluminium beaten out in a prison.
Jim B. said,
Actually, this *did* turn out to be a good investment. Why? Because it was a charity auction where a large chunk of the proceeds went to people who have been hurt or killed in car crashes and to people with special needs.
I’m not exactly certain of the amount raised in total, but it was in excess of $50 million for good causes.
With over 40,000 people getting killed each year here in America from auto traffic collisions….I would think our own wealthy country would look out for these vulnerable people, too.
urbanmike said,
@Jim: You are right, I got a bit carried away on the investment front, but looking at the other post linked, it’s hard not to see the money that we are sending their way as unsustainable.