Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
Oil prices go absolutely nuts, stock market tanks
What a day in the oil market. Tropical storms. Iraqi insurgents. Television preacher (and Bush pal) advocating assasination of the democratically elected leader of a country that supplies 15% of our oil. Oil hits an incredible $68 a barrel. Two more days like today, and we will see oil hit the point of $75 a barrel. Inflation, loss of purchasing power, higher local taxes due to increased school transportation costs, and of course, that nasty bite at the pump, man it is now heading your way, as a former president of Halliburton would say "big time". Better go fill your tank, cuz that Republican Gas is about to go for $3. At $3.12 a gallon, it will become the most expensive gas in history judged in real terms, and unlike those bad old embargo days, there is no way it is ever going down any time soon.
This represents a doubling, soon to be a tripling, of the price of oil over the Bush presidency. What a coincidence!
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address