How do You Like Your SUV NOW?
Oil prices are hovering at around $45 dollars a barrel, the result of several factors--high demand worldwide, including in China, which also happens to be a major creditor of the United States these days, the ongoing possibility of sabotage in Iraq, thanks to Bush's foolhardy invasion, uncertainty in Venezuela, and an explosion at a BP refinery in Indiana.
In Venezuela at least, the higher prices should be to Hugo Chavez's benefit, as increased revenues will allow for continued funding of social programs which benefit the roughly eighty percent of the population that lives in abject poverty; on the other hand, China's demand for crude, combined with our own need for hard currency to finance Bush's hyper-Keynesian policies, could squeeze the US even more.
I guess if someone can actually afford the payments on a monstrous, ugly hulk of a vehicle like a Hummer, they can handle spending over a hundred bucks for a fill up. But what about the rest of us? And what happens when the bill comes due for the trillions in debt Bush racked up on his watch?
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