Tuesday, July 08, 2008

Even Wingnuts Admit Oil Will Stay Up.

This Wingnut Author admits that oil prices will not go back down.

Note his irritation that Saudi Arabia refuses (unlike Norway and England in the North Sea) to pump all of their oil fields dry as quickly as possible to keep prices low for us:

While some menaced war, oil companies took off looking for new provinces and found them — like the North Sea, which started pumping from zero in 1971 all the way up to its six million barrel a day peak of 1999. So much new oil was found elsewhere that OPEC’s share of world supplies dropped to forty percent from nearly sixty percent. And prices collapsed as a result, until they resumed their climb two years ago."

The bastards.

Thinking only of themselves.

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