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Monday, May 17, 2004

Oil Prices Reach New High

LONDON - Oil prices struck a new high on Monday on simmering concern that rapid fuel demand growth will outpace global supplies at a time when traders fear a sabotage attack on the Middle East oil infrastructure.

U.S. light crude reached $41.85 a barrel, the highest price since the New York Mercantile Exchange launched the crude contract in 1983.
-- Reuters

There's a lot of news out there which should be damaging to aWol's chances for reappointment. While I try to point out these news items and explain Bush's complicity, I can't enjoy many of them. Soldiers being killed and wounded, prisoners being tortured--nothing to be happy about there. I'll attempt to see that some good results might come from them, but obviously I hope they stop today, even if it benefits Bush.

But when it comes to rising oil prices, I'm jumping for joy. This country and much of the world has been living an oil-based lie for decades. In the long run only good things can result from higher oil prices. Only the most unimaginative politicians can claim that higher prices will hurt our economy. With just the tiniest bit of creativity it should be a huge boost! Lots of work in renewable energy, mass transit, new vehicle designs, and so on. Finally turn the trade deficit around by using home-grown fuels instead of oil imports.

The oil economy was going to run aground sooner or later. It's already later, but every day that passes without our officially abandoning oil as a major component of our economy just means that the crash will be that much harder.

So go oil, go! And if you take Bush out with you, all the better!