So much for all that happy talk about American energy independence. With the solar energy booming, domestic fossil fuel production soaring, and conservation increasing, the Saudis have decided to take action and get Americans re-hooked on cheap imported oil.
http://www.marketwatch.com/story/can-saudis-beat-north-dakota-in-an-oil-price-war-2014-10-08
“Saudi Arabia earlier this month cut the official selling price for its crude, according to news reports, a move that put additional pressure on oil prices at the time” according to Marketwatch.com. And this morning news sources were celebrating the spread of sub-$3.00 per gallon gasoline, the most important value of life.
http://www.bloomberg.com/news/2014-10-07/shale-boom-tested-as-sub-90-oil-threatens-u-s-drillers.html
“The last time the U.S. had a domestic oil boom was in the 1980s, following the Arab embargo. It ended when new supplies overwhelmed the market” according to Bloomberg News. “Prices dropped to $9.95 a barrel in April 1986 from $32.35 the previous August, and the annual average stayed below $30 a barrel until 2000.”
The next thing you know we were back on our knees begging for imported oil for our newly bought SUVs at $100 a barrel, crushing our economy. Has anything been learned from this? No. Not with Generation Greed still in charge. Rather than write a new rant, I’ll just repost the old one from 2008. I reposted that Room Eight post on “Saying the Unsaid in New York.”