by Mark Scheinbaum
American Reporter Correspondent
Lake Worth, Fla.
The Oil Crisis: U.S. taxpayers are paying to send oil to Iraq. Shall we try this again? Okay, the ruptured petrochemical infrastructure plus sabotage in Iraq means that Iraqis are using gasoline U.S. troops bring into the oil-rich country.
Meanwhile, Royal Dutch Shell for the second year in a row has failed to pump as much oil from planet earth as they sell – dipping into their reserves. Shell now predicts that they (and others?) may only be able to find 70 to 90 percent of the oil resources needed each year.
In elementary school we were taught the Middle East had enough oil for another 100 years. That was 50 years ago (I ‘m feeling old about now, gang).
All the economic and political trends – even with a cold winter – should have stabilized oil prices in the $20-30 per barrel range. We’re lucky to hold at $36. Don’t be shocked if you see gas at $1.99 per gallon before you ever see $1.35 again (the State of Georgia excluded).
28 November 2006
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