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July 03, 2008
Where's the Outrage?
By midday in Europe, light, sweet crude for August delivery rose $2.28 to a record $145.85 a barrel in electronic trading on the New York Mercantile Exchange. [...] The latest spike means a barrel of crude has gone up by more than 50 percent since the end of last year, when oil was going for $96 a barrel.
This is making everything more expensive and therefore negatively impacting all of us -- everyone. Terrorists aren't negatively effecting all of us. Neither are tainted tomatoes or Colombian hostage-takers. But I don't hear any outrage from the corporate media over the Wall Street oil speculators who are forcing you and I to pay exponentially more for everything.
Posted By Bob Cesca | July 3, 2008 08:48 AM | DIGG THIS
Comments
And the Bushies continue to claim that opening ANWR and drilling off-shore will make things better for us, because it's OUR oil, America's oil, dontcha see? Of course, they slide right over the fact that the oil companies sell their wares to the highest bidders on the global market.
The oil won't stay here, unless the buying price is freakishly high, so how will it benefit us to trash our environment?
Posted by: bajasteve ![[TypeKey Profile Page]](http://www.bobcesca.com/nav-commenters.gif)
at July 3, 2008 11:44 AM
Everything I have read from people that are qualified to talk about this kind of thing say it's not speculators. Some of this (its not clear how much) war mongering talk (the proposed attack on Iran) and the rest is supply and demand--we have run out of headroom to deal with increasing demand from an expanding global economy.
The war-mongers bear a heavy responsibility and if Res. 362 is passed it go up again, and if Israel is allowed to attack Iran (and it will have to be facilitated by us) then it will shoot through $200 and if the Iranians use their real strategic defense, which they say they will--we can't expect too much oil to be flowing through the gulf. We can only imagine the consequences of the ensuing mayhem.
Maybe we shouldn't widen the war to Iran and find another way.
Posted by: Chris Dornan at July 3, 2008 04:01 PM
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