“Crude-oil futures rallied to a fresh record high of $127.82 a barrel Friday, as bullish momentum returned to the market and Goldman Sachs raised its forecast for oil prices to $141 a barrel.” – Marketwatch.com
On Wednesday afternoon, Sen. Larry Craig told me our economy has shifted from a “gold standard” to a “black gold standard.” He said speculators have shifted to crude oil as a solid investment rather than returning to precious metals as in previous oil crises.
He also said the oil-hungry nations of China and India are beginning to awaken, and their pangs are deepening and their wants being fulfilled. He said Americans have forgotten or failed to change their habits despite “green” conservation, adapting almost an “if we don’t use it, someone else less conservative will use it” attitude.
It’s not politics driving up the prices. President Bush is pushing the Saudi Arabian leaders. And he’s being rebuked with statements that market demand is being met.
It’s not OPEC that’s driving up prices; it’s greed.
So, when you fill up with gasoline, look around the gas station – we may be part of the problem.
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