Posted by ErnieDD on March 20, 2008 at 17:55:24 from (66.67.230.138):
In Reply to: Diesel Fuel Price posted by J.C.in AZ. on March 20, 2008 at 16:54:58:
A bunch of our oil is imported. We pay for the oil and the whole other bunch of imported stuff with pictures of dead presidents.
We just lowered our prime lending rate by a whooping 3/4% point to revive the economy. Our foreign trading partners used to invest the money for a good return in treasury bonds, now they don't make enough on the treasuries so they want more pictures of dead presidents for each barrel of oil. Our dollar is worthless abroad, and almost so at home.
Don't believe me, graph the price of oil to the prime interest rate, the value of gold, and the Euro dollar. The dollar is so bad, Vietnam is unhooking their trading currency to the dollar.
The shot heard around the world will be when OPEC wants Euro's or gold bullion in payment for oil.
Question for history buff's, when was the last time there was a recession in an election year?
Our balance of trade is so bad; our record exports have been eclipsed by the high cost of importing oil. We need nuclear power, wind power, hydro, wood pellet, coal, and every other form of power made a national priority.
GM is planning on selling an electric car in 2010 with a 500 mi range (Popular Mechanics). How are we going to recharge this fleet of transportation?
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