Quote from the article:
"Not everyone agrees. In an echo of our most recent market frenzies, some experts pronounce that the "world has changed," and that the demand spikes, supply disruptions, and government bungling we face now will saddle us with a future of $4, $5 or even $10 a gallon gasoline."
That would be me. World oil production has held steady 85mm barrels for the last six years, while demand is constantly increasing. We talk a lot about China and India, but the truth is there are lots of emerging economies out there as well. Unless some new supplies, and they would have to be massive, of crude appear, prices may drop back down to around $110 a bbl, which is where I expect them to stabilize. The only way cheap oil is coming back would be if the US stops using it for motor fuel. WE SHOULD HAVE STARTED DOWN THAT PATH TEN YEARS AGO. We are ten years late to the game, and will now be everyone's bitch.
As I stated in a previous post, the reason prices are currently headed for$200 a bbl, is because everyone in the game can do something to raise prices. The key players right now are: George Bush, whose every act seems to be keyed on raising oil prices, Iran, who can simply be international bad boys to raise prices, Saudi Arabia, who is keeping their oil reserves secret, adding to speculation that after being pumped like a 7th Fleet whore for the last eighty years, the place is running dry. We also have Chavez, who is causing prices to rise simplu by giving it away for free to any country that hates us as much as he does.
I personnally think the key, and this may sound self-serving, is going to be the election of Barack Obama, and not for any idealogical reasons: The US has made itself a pariah on the international scene. We have pissed off the Russians, the Iranians, and the Venezuelans. We have turned the Middle East into the equivelant of Poland and the Ukraine after they were invaded by the Nazis. McCain will represent just another war-monger, a military man who sings about bombing Iran. If Obama is elected, we have a real chance of healing the tensions in the world, the totally fucking up of the world, that have led us to the current oil markets. It is the world's total distaste and disgust with us that is at the root cause of all of it. Bush has turned a country into a cuntry.
On top of that, we need to use the resources of the US government to begin a transportation revolution in this country. There is absolutely no reason we cannot be running our cars on liquified coal. We need oil for manufactured products and lubricants, setting the stuff on fire to make wheels go round is an incredible waste, especially when we have so much coal. We need a program equivalent to World War II to do this.
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
Last edited by FeelTheLove; 06-07-2008 at 03:43 PM.