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With oil hovering in the $100 per-barrel range, we are currently witnessing one of the largest transfers of wealth in human history, as prosperous Western nations eagerly spend their money to feed a massive addiction to oil-generated energy. Oil producing economies are booming in unprecedented fashion, while Western economies are beginning to stumble. The implications can be staggering if the trend continues, and I don't mean that in a good way.
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Ahh the wonders of privilege.
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— The Moss...
4 hours ago
It is a catch 22 for the oil producers since they are dependent on the vibrancy of our economies. They are walking a tight rope on oil prices and they know it. I think you will see the Saudi's try to moderate prices by pushing up production. They certainly don't want to kill the goose that lays the golden eggs.
ReplyDeleteAlso, have you ever noticed that there is nothing coming from either party to wean us from foreign oil dependency? Ethanol is a pipe dream, however most won't realize it until billions of dollars and years of wasted production are expended. With so much corn being diverted to ethanol production (subsidized at that) we'll see much higher food prices in the next couple of years. People might be clueless about the price of a gallon of gas, but they certainly know how much their foodstuffs cost. You can't eat gasoline.