What Will America Look Like If Oil Is 200 Dollars Per Barrel? genre: Econ-Recon & Polispeak

I don't generally watch Glenn Beck nor do I usually find his observations to be palatable. The following video is a notable exception. In this clip, Beck discusses the impact of $200 a barrel oil with Byron King, an oil industry analyst. Should oil reach this price...and there are some who believe it will happen by the end of this year...we can expect major changes that we can't even fathom at this moment.

It amazes me that our president continues to tell us the economy is just experiencing a rough patch while the escalating oil prices suggest the clouds of calamity may be on the horizon. In a worst case scenario, the word recession would likely be inadequate to describe the financial crisis we would experience should we fail to address this looming energy nightmare.

What scares me the most about this situation is my recollections of the handling of other emergencies by this administration. I keep thinking about Katrina and the clear indications that the storm would likely devastate New Orleans...and yet the president was nowhere to be found for four days and we were totally unprepared for the storm's aftermath.

Now that Bush is nearing the end of his presidency, just how interested is he in averting an energy meltdown? I'm afraid our best hope is that this energy crisis abates on its own. Having to rely on the critical thinking skills of George W. Bush hasn't proven to be in our best interest.

Comments

1 On May 9, 2008 at 9:57 AM, Corey wrote —

The energy crisis could be abated by enabling more drilling in the US. There are huge supplies in Anwar, and off the Florida coast. If we enabled those location to be tapped, then the Saudi's would lower the price of Oil so we didn't just stop buying from them altogether. We don't even have to drill in the US. It just needs to be an option. Environmentalists are directly responsible for this Oil Crisis.

2 On May 9, 2008 at 4:29 PM, rube cretin wrote —

Sorry Daniel, this thing is not going away. The planet is finite, and the amount of oil is finite. we have recently passed the point at which the rate of production cannot be increased. we are not out of oil we just can't pump it at a faster rate. demand is increasing and supply is stable. Thus prices are going to continue to increase until demand destruction occurs. since oil is so important to everything we do, some estimate at a price of about $800/ barrel consumption will decline. sorry this thing is going to outlast GWB.

Corey,
you really need to stop watching Fox news. I suggest you Google Peak Oil and spend some time reading about what is really going on in your would. Try this site, Dieoff, if you have any kind of a technical background. if you believe the environmental types are responsible for this you are not paying attention. Its time to learn to use a plow and which berries won't kill you.

cheers

3 On May 9, 2008 at 4:50 PM, Corey wrote —

I understand what you are saying. But do you disagree that the Price OPEC charges for oil would go down if the US began to drill and use it's own supply? If we told them that it was too expensive, and we were just going to drill up some of our own, they would drop prices. We may eventually run out of oil, we will both be dead by than, but eventually.

Thought Theater at Blogged

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