Oil Shoots Over $75 per Barrel

Crude Oil climbed to over $75/barrel today. That is almost a 25% increase from what it cost a month ago! It is also 8% higher than the highs we experienced last summer blamed on hurricane Katrina. Will we see $80 oil next week?

Here are some articles in the news today...

Peak Oil Passnotes: It's All About OPEC Stupid, Not
Resource Investor - Herndon,VA,USA
[...It is true that China and India are sucking up more crude and refined product, but they are still miniscule consumers compared to the big boys, the United States and the European Union countries...]

Peak Oil And The Political Economy Of Terrorism
CounterCurrents.org - India
This is one of the more extreme views of the world ahead of us. Lately I've come to believe this probably won't be the situation in the near term, but it certainly isn't outside the realm of possibility.

Changing our habits could ease peak oil problems
South Bend Tribune - South Bend,IN,USA
[...Why are we in Iraq? Why are we building military bases in the various "stans" of Central Asia (Kazakhstan, etc.)? Why is Hugo Chavez of Venezuela becoming so important to our leaders in Washington? Because that's where the oil is...]

NZ Prime Minister out of the closet on Peak Oil
Scoop.co.nz (press release) - New Zealand
[...This week Helen Clark, New Zealand’s Prime Minister joined a rapidly growing but exclusive club, the penny has obviously dropped – she openly admitted the real reasons behind high oil prices, “because we're probably not too far short of peak production, if we're not already there”...]

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