Originally posted by Bodhi
Actually I thank terrorism and greed for the rise in oil prices... mind you $55.00 is not the end of the world for a tank of gas, when I go to Europe, we spend a hell of a lot more, and drive a less desirable vehicle with a smaller tank. If you honestly feel Bush is the problem, maybe you should look into your basic reasoning skills. Gas has been peaking every Northern Hemisperical summer for the last 15 years. Now, with a war going on, Saudi Arabia unaware as to whether they can maintain security (this has been a prob since Gulf War 1) long enough to ensure uniterupted supply, you have a need less panic, and basic greed causing the prices to go up...
Schaden, use your head, your a smart guy... just look past the idiotic hype...
Personally I don't think it's greed that is driving up the price, I think that those that wish to hurt the West and America specifically will simply hit the infrastructure that delivers the oil.
The infrastructure includes the ex pats who work in Saudi for the oil coys - this is the reason there was the attack on them this weekend. Drive out the ex pats on whom the oil industry relies to keep the oil flowing, stop significant oil exports from Iraq and you have the means to increase the price of crude through simple supply and demand.
Western Europe is slightly better off currently due to the weakness of the $ - oil is sold in $'s and with the current high value of the £ and the EU vs the $ means that the price may be high in $ terms but not so in our local currency.
Having said that any impact on the US economy will have a major impact on the world economy - NYSE sneezes and the world catches a cold effect.
Would this all have happened if there had been no war in Iraq a year ago? I don't think so, it would have been better for everyone if Iraq had been contained, WMD's had been controlled through UN inspection and the basic trade in oil had continued at prices that allow the world economy to grow.
This is obviously just my opinion on the situation and I could well be way off base...what really worries me however is two things - when is it going to end? A year, 5 years when? and the long term effect it will have on America.