While the budget battle was still getting much of the attention of the press, the barrel price of oil was quietly climbing through the roof. Then yesterday and this morning, a slight decline began. But I think the most important point to consider is why prices began to lower.
It seems that the way folks ordinarily deal with rising prices of gas is to cut back on other things until the crisis subsides, but still use their cars pretty much as they normally would. That means, depending on their budget, they may eat out less, or stop going to the movies, or pursuing other things they can no longer afford whatever they may be. But this time around, polls show it's not happening that way. Right now, people are driving less, avoiding their autos as much as they can and spending far less time than they usually do at the wheel.
That means that although the crisis in Libya may be greatly incenting speculators, and causing barrel prices to rise, the increase is being offset by lower demand.
But, while all the international oil drama and uncertainty goes on, politicians here are focusing on budgets, debt ceilings and governmental spending, seemingly ignoring a subject that's of huge concern to all those who don't want to spend a hundred dollars every time they fill up their cars. Especially when they live in a nation that has just about as much drillable oil as the Middle-East, but can't utilize it because of ridiculous environmental laws.
So, I guess the message is, the folks in government better wake up and smell the fumes, because if they keep letting sheiks and sheiklets add more and more rooms to their tents at our public's expense, a major saving's going to be their salaries when they no longer have jobs.
That's it for today folks.
Adios
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