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Why I’m Pissed About the High Cost of Oil

With a single barrel of crude oil selling for nearly $150 – our politicians continue to do nothing.  While it’s quite popular to bash George W. for this problem – he’s not anymore at fault than all the other politicians who’ve had a vote the past 20 years.

Why are oil prices this high today?  No, it’s not the Iraq War.  It’s basic economics – the daily world demand for oil is a little more than the world can produce in a single day.  Prices have no choice but to continue to rise until an economic equilibrium is reached.  So, why am I pissed?

In 1994, I was a college senior – studying for an undergraduate degree in Business Administration – specializing in Finance.  The Dow was making record highs each week as it was in streaking ever higher in the 4000 range.  Yep, that’s right, record highs in the 4000’s.  The economy was only beginning to take off and we should have seen it coming.  Economic growth requires a lot of fuel.  Yes, the lack of vision by democrats & republicans alike are costing ordinary citizens like you and I $100’s of dollars per day and it will get worse before it gets better.

Politicians need to be held accountable.  Perhaps they could start by answering these questions:

 Why are we NOT drilling for oil in those places where we KNOW oil exists?

Why wasn’t the government offering MAJOR incentives for electric/hybrid automobile development back in the 1980’s? 

 Why do we have restrictions on where we can drill for oil?  I’m all for saving the whales – but not if it requires killing the people!

Why do politicians continue to block the path to new oil refineries?

I realize that not everyone has the same idea about the best technological path to pursue in the future- however, why limit ourselves to only one path?  From my perspective, we need action in all of these areas.  We need more oil production SO drill everywhere we know there will be oil!  Increase the incentives for people to purchase hybrid vehicles.  Increase incentives for companies who develop critical technologies to further fuel efficient vehicles.

Why am I pissed about the high cost of oil?  Because the politicians who have been running the U.S. for the past 20 years have allowed other countries to get a firm hold on our balls and squeeze.  Maybe you like that kind of thing but I don’t!

2 Comments so far (Add 1 more)

  1. You get shocked? Yup, everyone gets shocked for the current status. The economy get bad and everybody is falling in difficult. Thing you predicted happens. Though crude oil price is down, this can’t help for the crisis economy.

    1. Daniel Evans on December 3rd, 2008 at 9:52 pm
  2. I am amazed no one has commented on this post yet! You’re dead on. I’d also like to point out that during the 2008 election, the main criticism against drilling was that it would take “10 years before we would see any benefit.” Since oil has plunged over the past 3-4 months, drilling is not even a consideration. What will the excuse be in 10 years when we face another energy crisis and no one bothered taking any long term action?

    Let’s face it… the government (politicians) don’t want to solve problems -they want to be seen as the solution to our problems but perpetuate the problems. If they solved those problems, we wouldn’t “need” them…

    2. Joe on November 30th, 2008 at 4:22 pm

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