11-10-07 by dugan
Here’s a striking tale from the Washington Post on the global power shift of $100 oil, mainly to the benefit of dictators and corrupt proto-despots.
Japan is suffering because it has no oil of its own, but the pain is eased by its national conservation and alternate fuels push–it uses 16 percent less petroleum than it did in 1973. African nations without oil are digging a hole of debt that they may never be able to pay.
Another interesting point mentioned in passing is that although Britons are paying the equivalent of $8.00 a gallon at the pump, 80% of that is taxes. So at $2.00 a gallon before taxes, Britain’s average price is less than the U.S. price. We can agree or disagree on using fuel taxes to pay social benefits, but it’s public money, not oil company profits.
Something to remember when oil company 4th quarter profits surge, while the rest of the U.S. economic base sinks.
Here in America, we’re stuck with a White House that sees energy policy as a service to the oil business, and a vice president who sees energy conservation as a "personal virtue," not a matter of national security and economic stability.