OIL WILL HIT $100 A BARREL AND KEEP GOING UP!

A cartoon in a recent Wall Street Journal showed a gas station with a sign that said “Last $2.75 gas for the next 10 years. $2.75 gas is now gone the way of the 10 cent pay phone call...gone forever. I paid $3.49 per gallon to fill up here in Naples, Florida yesterday. The weakening dollar is strongly related to raising oil prices.

When will oil hit $100 a barrel? This month? Next week? Before the end of the year? Soon. But the more important point is that it won’t stop there – it largely depends on how week the dollar becomes. Pick your date.

Frederic Lasserre, head of commodities research at Société Générale in Paris He suggested $120 a barrel could represent the level at which the cost of oil could result in economic damage that would be on par with the Arab oil embargo in the 1970s. http://www.theglobeandmail.com/servlet/story/LAC.20071108.ROIL08/TPStory/Business Currently, there is no telling how much higher the price will go: $120? $150? $200?

Earlier this month former U.S. Treasury Secretary Robert E. Rubin, led a Securing America's Future Energy (SAFE) “Oil ShockWave” exercise in Washington, D.C. The purpose of the exercise was to simulate a global oil supply crisis and explore economic and strategic options for limiting the damage. According to Rubin: "Oil ShockWave demonstrates the critical importance of preventative action in mitigating the risks of oil dependence. Once a major supply crisis occurs, the short-term options are extremely limited.”(My italics)
http://uk.reuters.com/article/oilRpt/idUKN0155542720071101

The military, strategic and political costs to the United States of failing to have a national policy of preventive action reducing the waste of energy, addressing carbon emissions and bringing on line, as rapidly as possible EVERY source of clean, renewable domestic energy available to us grows daily. National Security, energy independence and global warming are closely linked issues, which must be urgently and simultaneously addressed. To paraphrase Winston Churchill in his calls for England to take seriously the rising threat of Hitler and Nazi Germany…Of course we shall do it in the end, we shall surely do it…but how much more dear the cost for every day’s delay. How much more dear the cost, we don’t know. But the longer we delay addressing these issues, the higher the cost for every American.