Posted on 02/23/2011 8:14:31 AM PST by JohnRLott
.S. crude oil prices soared by 8.5 percent Tuesday, stunning financial markets. The financial media fretted that the oil price shock from the Middle East turmoil would slow or stop the fragile economic recovery. Crude oil prices soared even though gas prices at the pump are already the highest in any February since 1990. The reaction was swift, with the Dow Jones Industrial Average falling more than 178 points (1.4 percent) and NASDAQ and S&P 500 both also falling by more than 2 percent. This morning, with Libya teetering on the brink of civil war, gas prices continued rising.
While the media clearly and instantly understands the detrimental impact that higher oil prices have on the economy, the impact is really no different than President Obama's stimulus or his deluge of new government regulations, from the EPA to health care to financial markets.
The logic for how higher oil prices will harm economic growth is pretty simple. . . .
(Excerpt) Read more at foxnews.com ...
Cheap energy of all forms will revitalize the economy. Drill everywhere. Build nuclear plants. Build coal to oil plants. The mere announcement of an energy policy that embraces these three key things will serve to cut energy prices and boost the economy. The results would be immediate and stunning.
Mike
Clearly we need bullet trains and windmills to get out of this predicament.
Obama lets gas prices rise in support of Islamic oil sheiks.
“...Drill everywhere. Build nuclear plants. Build coal to oil plants...”
Yeah sure...you REALLY think President Assjockey and his apparatchniks in D.C. are going to let that happen?
They WANT the economy to collapse. It’s part of their little “Hope and Change” revolution.
Bullet trains, windmills, unicorns and rainbows. Do you have a problem with that?
T Boone has consistantly had it right. The single biggest obstacle to the Green Energy agenda is “cheap oil”.
That is why it is necessary for green supporters in govt to do whatever they can to make oil more expensive and unatractive.
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