Our local paper ran a New York Times article yesterday about gas prices.
Basically said that, at $17.50 per barrel, oil prices are a bargain. US has
lost 500,000 oil jobs and imports 55% of the oil we use, making us dependent
upon OPEC. Development of US oil fields and offshore drilling would only be
justified by $25-30 per barrel prices, they claim. Went on to say,
"American consumers have been lulled into thinking cheap oil is their
entitlement."
The article then switched gears; "We insist on driving gas-guzzlers and
using a grossly disproportionate amount of the world's energy, and we
believe we should forever be able to do so at bargain prices." A discussion
of SUV's ensued.
So what do you all think? Is the USA a becoming second-rate world power
because of our reliance on cheap foreign oil prices? Should the USA take
control by raising prices double-triple so we can tap our own natural
resources?
What does this have to do with Forward Look? Well, if you interpret
"forward" in terms of future, will we enjoy driving our classics at $3.00
per gallon? Just maybe the country would be better off with high gas prices
and economical daily drivers rather than $30K GM Subdivisions.
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