May 12, 2008
Wishful Thinking About Oil Bubble
Good reading: Paul Krugman's op-ed piece in yesterday's NY Times poked a hole in the wishful thinking that the increase in oil prices over the last 5 years from $25/barrel to $125/barrel is just a speculator induced bubble. NY Times link The reality is that oil prices are rising and will continue to rise, especially as we start to seriously tackle the global warming problem. It is appalling that McCain and Clinton would support a gas tax holiday to insulate Americans, who generally consume twice as much oil as similarly developed countries, from the consequences of their oil gluttony.
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