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Does Anybody Really Think Oil Prices Will Do Anything But Go Up?

By Joseph McDaniel, Esq.

I always get a kick out of the remarkably short memory span of the collective intelligence in the world.

Oil prices spike, then come down slightly, and everybody says, "Whew! Glad that's over! Back to business as usual!"

Rising oil prices, which will keep rising forever in herky-jerky amounts, constitute a serious economic problem for the United States; the fact that we don't have a current national program to build either 300 nuclear power plants (like Japan) or GIGANTIC SCARY EXPENSIVE windmills, or acre after acre of solar generating plants, or dig for coal and drill for oil, is a testament to our collective stupidity as a nation.

Inadequate energy supplies helped lose a war for Germany (it was called World War II); it helped do the same thing for Japan.

In exactly what way does anybody think it's a good thing to depend for our energy on countries that would just as soon see us staked out on anthills?

You may wonder why this shows up in a bankruptcy blog; well, if we had a Manhattan Project for domestic energy production of every kind, that would eliminate our current 20% unemployment overnight. And our economy would benefit for decades from having cheap, reliable domestic energy production.

And we'd have a heck of a lot fewer bankruptcy cases getting filed.

Full post as published by Arizona Bankruptcy Attorney Blog on February 24, 2011 (boomark / email).