Tuesday, September 28, 2004

Oil Hits $50 Per Barrel

The price of oil has reached $50 per barrel on fears that the Nigerian oil fields will be sabotaged by rebels. That along with the repeated threats to American oil platforms in the Gulf of Mexico from hurricanes has combined to push the price to a record high. Opec has stated that there is nothing it can do to control the price of oil, although it does have 1.5 million barrels of extra capacity. Economists have stated that the sustained higher oil prices will have an effect on the global economy.

The Bush Administration has developed and proposed an energy policy that has the potential to reduce American dependence on foreign oil, thus buffering the United States from the rise in oil prices. The Democrats have refused to allow the policy to pass under the pressure from the envionmental lobbies who oppose drilling in the Arctic Wildlife Preserve, thus relegating our national security to second tier status, just below the livelihood of elk.

Be sure to check the current posts for updates.