We keep falling for it though. That is, not all of us, but some percentage most certainly do.
Since Barack Obama’s campaign ad, where he attacked the oil industry and promised 5 million new energy jobs, gasoline prices are now 55% more than they were since that ad.
And just to make sure you understand just how bad I feel about that you should know that my truck doesn’t use gas, but diesel. That is even more expensive now. Think what impact that has on the delivery of foodstuffs to the grocery store, and consumer goods to other stores.
Don’t forget now, BO also said, during his campaign, that “under my plan, energy costs would necessarily skyrocket.”
I just want to make sure you remember that.
Oh, and if you this is bad, just wait until oil by the barrel costs $100 and stays there (or goes even higher)!!!!
Oil at $100 and unemployment ~10 percent is bad news for Obama’s re-election hopes, of course. (It should go without saying that it is bad for America, too, and that I do not wish for economic suffering to be visited upon my fellow citizens in order to hamper the Obama administration.) But you know what’s even worse than $100 oil? $150 oil, which the CEO of Gulf says would not surprise him. There will be tremendous political pressure put on OPEC and the other producers if that happens. But why would OPEC want to bail us out? What is in it for them? Devalued U.S. dollars? If the Obama administration will not get behind a solid dollar for sound economic reasons, maybe narrow political self-interest will be enough.