More polispeak from the Ivory Tower inside the Beltway on inflation

03-10-2011 • The Political Commentator

While you and I know the impact that the rising prices at the pump has had on disposable income and our personal economic reality, politicians, as usual, haven't got a clue! Yesterday I presented a barometer of worldwide oil usage that updated dynamically every second (How many barrels of crude oil were consumed globally in the minute you've been reading this?). Now put this number into the context of potential oil disruptions out of the Middle East, higher global demand for crude and a lack of drilling domestically. Basic supply and demand. Think about the consequences any slowing in the flowing would have on the U.S. economy. Even without lower output, increased demand from around the developing world leaves us with the prospect for higher crude oil prices well into the foreseeable future.