The campaign for the US to become more self reliant on oil has gained a boost as the country increasingly realises much of the revenue goes towards undesitable things.
In Saudia Arabia this include the funding of Madrassas , or 85% of government revenue in Iraq, and Hugo Chavez would be of no significance without the black gold.
US Oilman T Boone Pickens says the issue is about more tan just national security but a huge transfer of wealth that threatens America.
Barring price shifts, Pickens says, Americans will send $700 billion abroad this year. In 10 years, this could total $10 trillion - "the greatest transfer of wealth" in history.
Analyst Gal Luft notes that "at current oil prices, it would take OPEC just six days to buy GM and three years to buy a 20 percent voting block in every S&P company. It is hard to see how such buying power amassed by oil producers would not upset the West's economic and political sovereignty."
The Greens are pushing for more renewable enegy and Bush is allowing more exploration for oil in the Arctic and off the coast. Backing for pro-drilling groups is rocketing along with the price of gas.
For years, some thought OPEC kept supplies up and prices down to keep the world hooked on its oil. Today, with roaring demand from Asia, supplies are lagging - and tectonic economic shifts are afoot.
It's not clear where all this will lead, but surely things are headed in the right direction: i.e., toward less US dependence on foreign oil.
As the US commentator notes:
Just fantasize the possibilities: Terror, bankrupt. Iran, shriveled. Chavez, history. Gore shuts up.
And SUVs rule.
All without firing a single bullet.
Oil's well that ends well? Here's hoping.
UPDATE: I have removed the Nozzle Rage ad which plays by itself. But the link is here. It is pretty good.
Hat tip: The Religion of Peace
August 25 in history
4 hours ago