Oil isn’t shocking the system, it is the system.

Sunday, November 25th, 2007 @ 3:19 pm | Peak Oil

And the wild ride has barely begun:

Since January, the price of a barrel of oil has almost doubled and is now approaching $100. Blame tensions in the Middle East, speculators on a quest for profit and the hunger for energy of rising powers, including India and China.

The ripples from this price surge are washing up on every shore. It’s creating new wealth in such locales as Moscow, where oil barons are almost at a loss about how to spend their riches. But the effects in some other places are less predictable. Israelis fear a rush of people will chop down trees to heat their homes. Farmers in northern Iraq are abandoning their fields to sell gas. Fishermen in France, stung by the price of diesel, have rioted.

-jb

p.s. Thanks to those who have been patient while my body mends and my mind is a mush of painkillers. One week recovery time, ha! Takin’ her easy (for all you sinners) next week too…

Comments are closed.