The politics of oil
Gas prices surged 20 cents over the past three weeks to an all-time high of $2.50 per gallon of self-serve regular, according to a national survey.This is a huge and complex subject, but what is the relationship between these soaring gas prices, the fact that America's stature in the world has sunk to an all-time low, especially among some of the largest oil producing countries, the supposed access to Iraqi oil, the fact that this administration is packed with oil industry figures, and the fact that it's recent energy bill provided enormous tax givaways and subsidies to oil and gas mega-corporations, despite the fact that they've posted record profit levels, while included absolutely nothing to encourage conservation or alternative energy development.
The price surge "does smash the all-time record high for the third time this year," Trilby Lundberg, publisher of the Lundberg Survey, said Sunday.
"Crude oil has caused this jump at the pump," she said of the survey, taken August 12 at about 7,000 gas stations in every state.
What impact will these huge jumps in the price of gas have on the cost of other goods and services? Is this nearing a crisis? Or will people simply go broke in order to keep feeding their gas-guzzling habit?