"Oil prices rose above $80 a barrel Monday in Asia, extending a three-week rally as investors expect the U.S. central bank to keep interest rates near zero to help fuel economic growth, which would boost crude consumption."
AP News
Is it just me or does there exist some sort of disconnect between common sense and the investor class? If the price of crude goes up the price of fuel will go up with it. In America and from what I've seen, most of the world, we are in a depression. People can barely afford the basics. If the price of fuel goes up, don't these financial geniuses understand that demand will fall? And along with demand will go the rest of the economy?
This investors are looking to make short term profit at the expense of the long term good. This is not only unsound from a common sense standpoint but I would also argue it is immoral. The world is awash in oil. There is no reason, besides greed, that it should be at $80 per barrel. Right or wrong, the fact is the world depends on reasonably priced oil to function. Without it we collapse. And a few will profit from the suffering.
This is Peak Oil in action.
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Well, I'll try this one more time - Google bombed out on me before. We don't have an energy crisis. We have a greed crisis. With nuclear supplied electricity we can manufacture all the liquid fuels we could possibly need. But that won't enrich Exxon-Mobil, Shell and the rest who have so heavily invested in off shore oil drilling, shale oil, the Alaska pipeline, etc. So here we are stuck in greed. We get what we desrve. Sadly, the poor always suffer most when energy prices go up, for food and shelter prices are soon next to rise.
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