Please. The debate of how foreign oil production affects our economy has been going on for decades. Show me the correlation of rising oil prices and the direct OVERALL effect that had on our economy. Show me in the annual federal budget where it takes into account oil prices that are set by an International organization for ALL oil production, just not what's getting pumped out of the ground in Iraq and Iran. So you're saying that rising commodity prices (food, clothing, household goods, etc.) are directly affected and the result of increasing prices of oil. The US being in a major drought for over a year and a half, and the fact that it costs farmers more to cultivate their crops due to higher water costs, and livestock farmers have to pay more for hay and grain to feed their animals has nothing to do with the rising costs for those products. The rising costs in precious metals (gold, silver, copper, aluminum) have nothing to do with the rising costs in manufacturing any product that uses those metals (cars, electronics, appliances, etc.). There's a multitude of factors besides oil prices that affect our overall economy. Oil is only a small part of the picture. You make it sound we'll have a total economic collapse if oil prices continue to rise. I say that's a ridiculous assumption fed by the scare-monger oil industry.
Can you transport or distribute any of that without oil? If oil prices double...Not gas, but oil...What happens?
The three longest U.S. recessions since the Great Depression coincided with exceptionally high oil prices. The first two lasted 16 months. The first followed the 1973 Embargo started in November 1973 and the second in July 1981. The latest began in December 2007 and lasted 18 months. There is little doubt that high oil prices vastly affect economies on a level more significant than any other commodity or influence.
