The Roller Coaster Ride of Oil Continues

Gas prices 2011! Oil prices are on the rise. The price per barrel rose again yesterday, and so did gas prices. According to AAA, the national average price of unleaded gasoline added a penny, climbing to $3.879 per gallon. It is already more than $4.00 a gallon on the east and west coast, and don’t expect the price to go down before it goes way up. James Howard Kunstler has researched and written books on fictional depictions of the post-oil American future. Kunstler forecasts very tight oil supplies, with dreadful consequences for our society. In his latest article, Kunstler takes the President to task for blaming the recent price spike on “speculators,” while turning a blind eye to the crooked bankers who brought down the world economy in 2008. Please enjoy this excellent post. –Greg Hunter–

“The Banana Peel of Destiny”
By James Howard Kunstler

That was a cute move by President Obama last week, calling out the “oil speculators” with a memo to his Attorney General, Eric Holder. The President proved a few weeks ago, in his energy speech to the nation, that he doesn’t understand how these resources are produced and traded. Consequently, the people he addressed remain clueless, but ticked off nonetheless. And the logic of politics now compels Mr. Obama to call out the dogs on…people who make money trading paper claims on oil?

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