Nailed it!!!
Yes Oil is one of the greatest wealth creators this nation nay the world has ever seen. Which is why Barry Ubama wants to cut this nation off from it. He as a Domestic Enemy and needs to be voted out ASAP!
Posted on 02/22/2011 2:42:20 PM PST by FromLori
With oil prices rising sharply on the back of the crisis in Libya, the head of the International Energy Agency has warned crude prices hitting $100 a barrel could be bad news for economic growth.
"That is our concern, regardless of the margins of disruption, if the $100 per barrel of oil is continued in 2011, the burden of oil to the global economy is as bad as 2008," Nobuo Tanaka, the Executive Director of the International Energy Agency told CNBC on the sidelines of a major oil conference in Riyadh.
Nubuo's comments come amid escalating violence and protests in Libya. In a speech Tuesday, the nations' beseiged leader, Muammar Gaddafi, defied calls to step down, saying he would hold his post and die a martyr if necessary.
Oil traders told Reuters Tuesday that the nation has declared a force majeure on oil exports. U.S. crude prices remained sharply elevated, trading more than 5 percent higher Tuesday.
"2008 we remember is a huge economic crisis year. So … if the oil burden (we calculate by comparing oil expenditure divided by gross domestic product) moves up to 5 percent, it is really serious to the economic recovery," Tanaka added.
"If prices remain at $100 … continuing that level of price is very, very bad to the global economy. Especially to the emerging economies like India, China, Africa, so they have much more serious problem," he explained.
Consumers and importers of oil should focus on using the energy they buy wisely, Tanaka warned.
(Excerpt) Read more at cnbc.com ...
That will fix everything, won't it? Then we'll have to use windmills.
We are about the only nation on the globe, who does not drill in the Gulf of Mexico.
BRITISH Petrolium had the blow-out; not a US drilling company. Yet, Zero holds the US out of our Gulf - and the oil we need.
Zero knows exactly what he’s doing. America wanted a EEO President, and now we have one. In just 2 more years, he’ll be booted out on his ear - the question remains ... can we surivive another 2 years at this pace?
Short answer, no.
They are clueless. . . then again, perhaps this is purposeful. Best way to control the people is to create a crisis. Hopefully, Americans are more resourceful than Obama thinks we are.
Well, with an Evil Oil Man in the White House, and Dick Cheney dictating gas prices for his OilCo buddies....
OH.WAIT....
Were the Democrats lying then? Or are they lying now?
” Were the Democrats lying then? Or are they lying now? “
Yes...
(was that a trick question??)
And yet...it is illegal in most of the US.
Silly Freeper, making oil illegal won’t help anything. Obama can just have whatever alphabet agency that determines the CAFE standards increase it to 1000 miles per gallon for passenger cars, 800 mpg for light trucks, and 500 mpg for heavy trucks. Then we can get along with whatever der Fuhrer allows us to produce?
See how easy it is?
” Pumping oil out of the ground literally CREATES wealth.
And yet...it is illegal in most of the US. “
Don’t forget - Bill Clinton ‘transformed’ us into an Information/Service economy — *creating* wealth may not be exactly illegal, yet, but it’s certainly frowned upon...
Thanks FromLori.
We are now at the very edge of civil war..not unrest, CIVIL war.
Gas hits 4.50 to 5 a gallon and the shit will hit the fan.
Think $100 a barrel is bad? What do you suppose oil will spike to if Saudi Arabia falls?
How about if Iran tests a nuclear weapon?
What about when Israel takes out as much of Iran’s nuclear infrastructure as they can hit? Think Iran might try and close the Straits of Hormuz??
There are so many ways to spike the price of oil right now, and jack gasoline high enough to bring the world economy to a screeching halt, it’s terrifying to consider. There is absolutely no leadership coming out of the White House, and they are in full react mode, hoping things in the Middle East will work themselves out.
Libya should have never been allowed to get to this point. This violence in the Middle East continues to percolate because the United States has abrogated our role as a World Leader and The Regime is much more interested in going after US Citizens. Premier Hussein really is the least qualified guy in any room he walks into, and the violence you see in the Middle East is very much the result of electing someone to be President just because he is so “cool”.
“Any sign of weakness by the Free World increases the appetite of the enemy for more war and more conquest as surely as the progressive revelations of the strip teaser increase the appetite of the lecher”
William F. Buckley
Obama should be delighted. He said he wanted gas to be five dollars a gallon, and soon it will be. His Saudi masters will also be pleased.
The American consumer will not, but will be told by the state run media that oil prices have gone up because of “Mideast unrest” and the evil gouging oil companies making obscene profits and funding Republicans.
Is this administration gone yet? Please let me know when they’re gone; I’m going to hibernate.
Speculators bad, government boot on the neck good.
” Obama is on record as having no problem with $5 gas. “
Yeah - but he wanted to get there by raising taxes....
Nailed it!!!
Yes Oil is one of the greatest wealth creators this nation nay the world has ever seen. Which is why Barry Ubama wants to cut this nation off from it. He as a Domestic Enemy and needs to be voted out ASAP!
” He as a Domestic Enemy and needs to be voted out ASAP! “
Unfortunately, “ASAP” is some 20 months from now, and that may be 15-18 months too late, given the speed with which things are deteriorating....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.