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The Next Oil Shock
Investor's Business Daily ^ | May 22, 2009 | Editorial

Posted on 05/31/2009 7:52:56 AM PDT by WhiteCastle

A top expert tells Congress that oil will be around for a long time and high inventories and low prices are no excuse not to find more. Oil shock? How about a no-oil shock? Be careful what you wish for, goes the old proverb. Well, as we all had hoped, energy prices have fallen — but only as part of the global decline in economic activity. This has been used as an excuse to further discourage exploration for and development of domestic oil resources. But if the economy does recover, that policy could provoke another recession.

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Business/Economy; Canada; Editorial
KEYWORDS: anwr; brazil; china; coal; djsob; drillbabydrill; drillbarrydrill; drillgate; drillheredrillnow; economy; energy; energypolicy; energyprices; ibd; india; iran; naturalgas; nigeria; ocs; offshoreoil; oil; oildependency; oilresrves; oilshale; oilshock; oilsupply; peakoil; shale; shaleoil; shalerock; venezuela

1 posted on 05/31/2009 7:52:56 AM PDT by WhiteCastle
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To: WhiteCastle

I’ve read a prediction of high oil prices ahead, boosted by some pickup in demand later this year - but driven more by inflation and weak US dollar, and efforts by China and others to buy up commodities to replace the US Dollar as a haven.

So we face inflation, then more deflation and then the commodity bubble bursts (after or about the same time as the housing and financial bubbles burst) ... voila, the great depression of 2009-2013

Unfortunately we are being led by “obama” and advisors who are academic radical liberal inexperienced ideologues (look at Steven Chu) who are literally jousting at windmills as a long term energy solution to sustaining a survivable quality of life (notice I did not say sustaining our quality of life, which is fading into deepening twilight)

Have Steven Chu and Carol Browner painted the roofs of their houses white yet?


2 posted on 05/31/2009 8:09:46 AM PDT by silverleaf ("Never forget that everything Hitler did in Germany was legal ( Martin Luther King))
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To: WhiteCastle
Funny how the liberals have yet to make hay of the fact that crude has DOUBLED in price since Big Zero took office, or that the price of gas has climbed 40 cents in the last month alone, and over $1/gallon since the start of the year.

Drill here, drill now--whoops--different president, different rules.
3 posted on 05/31/2009 8:33:25 AM PDT by OCCASparky (Steely-Eyed Killer of the Deep)
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To: WhiteCastle

Is there a connection between the price jumps of a year ago and the tanking of the economy? (Perhaps when disposable income of the moddle class is directed toward immediate transportation costs, there isn’t enough left to meet mortgage obligations.)


4 posted on 05/31/2009 9:46:23 AM PDT by marsh2
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To: WhiteCastle
We've always had too much oil and always will.

It just keeps coming up from the "Deep Hot Bio-sphere"

5 posted on 05/31/2009 9:47:09 AM PDT by norraad ("What light!">Blues Brothers)
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To: marsh2

My theory is that is what was created intentionally by the Dems in Congress


6 posted on 05/31/2009 10:05:09 AM PDT by Wildbill22
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To: WhiteCastle

I see they are pimping up oil prices AGAIN with this usual bullshit! Been seeing this same nonsense since the 70’s!


7 posted on 05/31/2009 11:52:58 AM PDT by packrat35 (Nancy Pelosi is a liar!)
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To: WhiteCastle
Be careful what you wish for, goes the old proverb. Well, as we all had hoped, energy prices have fallen — but only as part of the global decline in economic activity. This has been used as an excuse to further discourage exploration for and development of domestic oil resources.

This is the market allocating resources. That's suppposed to be a good thing.

8 posted on 05/31/2009 11:57:34 AM PDT by the invisib1e hand (the machines are breaking.)
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To: silverleaf
Our roof has been painted white for about 30 years. It works....if the roof is sprayed on foam painted white.

I don't believe in global warming....just have a white roof.

9 posted on 05/31/2009 12:04:22 PM PDT by lonestar (Obama is turning Bush's "mess" into a catastrophe.)
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To: WhiteCastle

“But if the economy does recover, that policy could provoke another recession.”

Which will give them another excuse for another “stimulus,” where they will waste more $$ and take away more of our freedoms.


10 posted on 05/31/2009 1:43:42 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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To: WhiteCastle

Bump!


11 posted on 05/31/2009 3:56:22 PM PDT by AmericanVictory (Should we be more like them or they more like we used to be?)
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To: AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; george76; ...
...energy prices have fallen -- but only as part of the global decline in economic activity. This has been used as an excuse to further discourage exploration for and development of domestic oil resources. But if the economy does recover, that policy could provoke another recession.

12 posted on 05/31/2009 5:38:37 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/____________________ Profile updated Monday, January 12, 2009)
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