Here we are going into the VP debates tonight and the BBC is reporting that crude oil prices have hit $51/barrel, a new record!
Why? According to the article, it is because the hurricanes in the Gulf of Mexico disrupted US oil production and because of unrest in Nigeria. This is interesting because many conservatives argue that the best way to get out of being dependent on Middle Eastern oil is to drill more here in the US and to shift our reliance more heavily to African oil. But we see now that this approach has its problems too. I wonder if Edwards will bring this up today.
Tuesday, October 05, 2004
Oil Troubles
Posted by Raised By Republicans at 1:55 PM
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Actually, I think they want more drilling and mining everywhere. Anwar is just the most controversial.
Oil is now at $53/barrel. These prices have driven up gas by more than 10% in the last 2 weeks near me ($2.05 to $2.29 this afternoon). This is, of course, a millstone around the economy, as the price of energy is a component of the price of virtually everything. It either causes inflation or cuts into profits, i.e., cuts into potential investment/hiring. Why is GWB not doing anything to combat this? Because his friends are getting loaded off of this. Texas oil doesn't cost any more to produce, they just get more money for it!
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