From MSNBC.com (Dec. 26):
CAIRO — The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Asked by Reuters if the world economy could stand a $100 oil price, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said: "Yes it can." [read more]
America really needs to start drilling for oil again so we don’t have to rely on OPEC so much. And the POTUS putting a moratorium on off-shore drilling is just plain stupid. It wasn’t an American drilling rig that spilled oil in the Gulf of Mexico.
We can all use sources of energy to be energy independent but oil is the blood of the economy. Almost every product uses it. Corn-based ethanol isn’t the answer either.
Oh, by the way, didn’t America save Kuwait’s butt in the Gulf War? You would think they would give countries that helped them out a break. I guess not.
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