Oil Prices Continue To Rise

Well, oil futures went above $122 today, based on a Goldman-Sachs prediction that it could go to $200 in two years.

Oil prices have nearly doubled from about $62 a barrel a year ago, which Goldman
sees as a sign that the world is in the midst of a "super spike" in oil prices.
Analyst Arjun Murti said in a research note released Monday that prices would
ultimately force demand to fall sharply.

The key word, as I see it here, is "spike."

Not plateau, not level, but spike.

That implies a sharp drop after the peak is reached.

So, are we seeing the next bubble? Tech, housing, oil?

Might there be an oil bubble burst?

A Democrat Idea I Partly Agree With

Democrats may to require Iraq to use its oil revenue to pay for its own reconstruction.

This is something I wholeheartedly agree with. One of the points Bush made towards finishing up the Gulf War was that Iraq would not have to pay for our effort.

I could see not having them pay upfront, but I always thought that they should refill our coffers, once the war was won.

Now, I am unsure how US legislation has any hold over another sovereign nation. Since when is Iraq under US law? If Iraq were a possession of the US, or a colony - not a bad idea, by the way - then our legislation has teeth. But, as long as Iraq is sovereign, we can't tell them what to do.
We can persuade them, but not dictate to them.

So, how the dems figure to make this work is something I'd like to hear. Sure, we can cut out funding, but that won't force them to make up for the lack. It is still a matter of Iraqi choice.

That was the part I agreed with. Now for what I don't agree with.

The second part of the bill would be to have the Iraqis tke the lead in military operations.

Yeah, that's a great idea. Put the unskilled in charge - there's a sure path to success.

If you go in for major surgery, do you want the skilled surgeon with steady hands to work on you, or the med-school freshman?

This democrat plan is insisting on the freshman.

Leave it to dems to botch up even a good idea...

Uh-oh! Oil's Running Out

Again...

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World oil supplies are set to run out faster than expected, warn scientists

Scientists challenge major review of global reserves and warn that supplies will start to run out in four years' time

By Daniel Howden
Published: 14 June 2007

Scientists have criticised a major review of the world's remaining oil reserves, warning that the end of oil is coming sooner than governments and oil companies are prepared to admit.

BP's Statistical Review of World Energy, published yesterday, appears to show that the world still has enough "proven" reserves to provide 40 years of consumption at current rates. The assessment, based on officially reported figures, has once again pushed back the estimate of when the world will run dry.
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Let's see ...

If I remember right, back in the 70s we were told that we would be out of oil in 25 years or so.
So, let's see...

1970s plus 25...

... carry the 2 ...

Looks like we done ran out already somewheres twixt 1995 and 2004...

Now, we're gonna run out again?

Heck, why bother with vehicle emmissions control? After all, now we're gonna be out of oil - again - in four years. That'll put the kaibosh on emmissions, won' it...