Oil Price Rise Overshadows Other Events Today
Barack Obama will probably win big in the Mississippi primary today, and Gov. Eliot Spitzer, having apparently paid a high-priced prostitute to cross state lines, may resign his office. But by far the most important thing to happen today is that the price of oil reached $109.
The rapaciousness of the oil producers knows no bounds. Like the energy producers in California after deregulation, they have conspired to drive up the price, and everyone else is paying it, depressing economies of all the non-oil producing states.
Particularly with the Arab world, we have to realize these people are enemies of the United States and the West, and they have to be treated as the foes they are.
It may be that one rude alternative would be to announce we would not pay above a set price for oil, and, then, until the shock brings a desired effect, we could supply ourselves by drawing down what is by now our large oil reserve. The oil market might then return to more reasonable levels.
Would this work? It might. Just like acting against traffic jams by reducing use of the roads by 10%, it could have a reverberating effect.
What is clear is that a small resource oligarchy has over many years been increasing the price. It is true that Chinese and Indian demand have fueled the surge, and supplies are possibly restricted. But pricefixing is a large part of the cause.
Just like suicide bombings, the greed and fanaticism in the Middle East is a more and more disruptive influence in the world. We and our allies must act against it.
Geraldine Ferraro is the latest prominent backer of Hillary Clinton to try to play a race card against Obama, suggesting in an interview that were Obama not a black man, he would not be a major presidential candidate.
This is part and parcel of the whole disgraceful Clinton campaign, continually raising the race issue through code words and phrases. Ferraro, when she was a vice presidential candidate, embarrassed the Democratic ticket because it turned out her husband was linked to the mob. Now, the Clinton campaign has been tying itself to unsavory interests. It is time for Clinton to repudiate such remarks, or lose supporters as a result of them. Black, white, brown or yellow, Obama is three times the candidate Hillary is.