Democrats are celebrating in Wisconsin tonight and Obama celebrates within the party. Republicans may be rallying around McCain, but meanwhile the country is still suffering under the tyranny of George Bush. In our oil addicted society, the rise in crude prices forebears that coming of the next surge from our pocketbooks while filling up at the gas station. Just today oil spiked to its highest price on record, $100.10. The price for a barrel of light, sweet crude, eclipsed the record set in January of 100.09 dollars a barrel. The market rallied amid speculation that the Organization of Petroleum Exporting Countries, which supplies about 40 percent of the world's oil, would cut output at its March 5 meeting in Vienna, analysts said. "Oil futures surged higher amid technical buying underpinned by the ongoing saga between Venezuela and Exxon and on speculation surrounding OPEC's next move when they meet in March," said Sucden analyst Nimit Khamar.
From RawStory:The price of oil in New York spiked to a record 100.10 dollars a barrel Tuesday on supply concerns.
Oil may go down again but looking at mean oil prices now and eight years ago doesn't even begin to tell the story of our dependence on what will ultimately destroy the planet we live on. Our current President has increased that addiction with economic policies that encourage us to consume more and more. That includes the oil that gives energy to our economy as we know it. While cities and states try to fight on a local basis throughout the land, only the Federal Government can effect true change....that is...change that we must wait for until January of '09 at the earliest.
Tuesday, February 19, 2008
So Much For That Black Gold Respite
Posted by Josh"Ing"Silverstein at 10:31 PM
Labels: crude oil prices, oil industry, OPEC
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