Oil hit $64/barrel today and it will continue to rise as will gas prices. If you’ve purchased a gas guzzler I’m laughing at you. When gas hits $5/gallon and your SUV is worthless I’ll be laughing even harder.
Congress and the president have put an new energy bill into play… and it is a giant step to nowhere.
And in other news, Juan Cole reports on US Dependence on Saudi Arabia for oil :
The Bush administration and its Neocons have shot themselves in the foot big time if they thought they could use Iraq to reduce US dependence on Saudi Arabia. If you want to understand the problem, look at it this way. The world produces about 80 million barrels of petroleum every day. But only a fraction of that is exported, since producing countries use a lot of it at home.
Rather than being marginalized, Saudi Arabia has entered a new economic golden age. This was not what the Neocons were going for.
Of course, a lot of the problem is at home. The United States is an oil hog. Sorry to be blunt. But these were the top oil consuming countries in 2004, below. The United States gobbles up a fourth of all the petroleum produced every year, even though it only has about 5 percent of the world’s population.
When the oil-based economy of the U.S. crashes I will laugh my ass off. Really. It will be hilarious.