Oil Prices
May 15th, 2008 by gmoran
After reading Jad Mouawad’s article in May 7th’s New York Times about oil prices, I become more confused, skeptical and almost despondant. Every day it seems some new number, projection, percentage, excuse and supposed justification over this massive slaughter of the American public comes out. This happening at the same time the credit industry has set up unknowing home buyers for foreclosure is historic. I won’t repeat all the numbers in the article. They’re scary for sure. But are they for real? One thing is – gas consumption is significantly down. That means that our lifestyle has taken a major hit from this speculator’s picnic. Ask yourself one question. Is the world consuming 5x more oil in 2008 than it was in 2003 when oil went back to $25 a barrel after the fall of Bagdad. I think not.