Back in March, in this very blog, I said: "I don't think it is unreasonable to believe that we may see highs in oil of $80 a barrel this year." (Click to See Full Blog Entry.) And, now, oil is sitting above $80. When I made that prediction, it was contrary to almost everything that was being said or written about in our left-leaning press.
My purpose of writing that blog was to say that this recession, Obama's plans for green jobs, and the Cap and Trade punishment of dirty energy isn't going to cause oil prices to swoon. There is nothing that this President can do to change the fact that oil is becoming an increasingly scarce commodity; especially, by choice, in this country. Our dependence on oil isn't going to go away with wind and solar power or by shaving a few miles per gallon off of a few new cars. When all the other countries in the world are scurrying around to find new oil and establish strategic partnerships with oil rich countries, America is insanely laughing it all off by not drilling for its own oil. High oil prices are both job and business killers. Oil is going to go back above $100 a barrel next year; and, that, along with the punishing effects of Cap and Trade, will just push this country into a second recession when the rest of the world had the foresight to plan for new and additional oil resources. Just mark my words.