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Remember when all the “Truthers,” D-Kos-kid’s and MoveOn kooks were blaming G W Bush for the rise in the price of oil when gasoline topped $3/gallon in the wake of Katrina???
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“Things would be different if the Democrats controlled things,” they said.
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Well, they were right. Oil prices have gone UP since the Democrats took back Congress!
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So, is it the Democrats’ fault?
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Actually NO, no more than any previous price rises were G W Bush’s fault. Oil, like any other commodity rises and falls along with the prevailing MARKET FORCES.
Over the last half decade the global demand for oil, led by the massive industrialization of both India and China (together accounting for a full third of the world’s population) has skyrocketed and outpaced production. As a result the trend for oil prices has been sharply upward. That, along with fears of supply disruptions in the Mideast, have kept oil prices rising and oil speculators very happy.
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The good news, on the near horizon (literally) is that with the global price for oil so high, oil from oil sands and shale, which were previously cost-prohibitive, have become practical.
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Interestingly enough, America has some very large shale oil and oil sands deposits of its own, and our neighbors to the north (that’s Canada, for the geographically challenged) has more oil reserves in oil sands, than does ALL of Saudi Arabia.
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That’s potentially good news, as it means that we may not have to rely on Third World tyrants from Bashar al-Asad to Hugo Chavez for our imported oil!
It could also mean an eventual stabilizing in the world price of oil.
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As we speak, Alberta is booming!!!
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SEE: http://query.nytimes.com/gst/fullpage.html?res=9802E1DA1439F934A3575AC0A9669C8B63&n=Top/Reference/Times%20Topics/Subjects/O/Oil%20(Petroleum)%20and%20Gasoline
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