Monday, November 22, 2004

Oil, My Goodness!

Oh, my goodness, oil prices are approaching $50 a barrel. Unfortunately, this may continue to rise because winter is coming and because OPEC may reduce the amount of oil they export. Prices will remain high through Thanksgiving weekend, but they have not yet reached the high prices of October. And, the prices are far from the record: Oil prices would have to surpass $90 per barrel to meet the inflation-adjusted peak set in 1980.
Another reason for this increase is the instability of certain members of OPEC. Iraq is one; Russia is another. In Russia, authorities are investigating dozens of managers of the Yukos oil company. Some managers have even had their homes invaded during the night!
While I realize rising gas prices are a concern, I think that we should be more concerned with people in other countries experiencing frequent violence or having their homes invaded during the night.

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