This will be the next major blow to our economy. It is reminiscent of the 2008 housing and oil crisis that created havoc on Wall Street. The White House is not concerned about the steadily increasing price of oil because in the words of Rahm Emanuel ” [You] Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.” In the mindset of this Administration when the price of oil reaches the $100-$150 a barrel price and as a result gasoline and diesel hit $3.50-$4.00 a gallon, it will be easier to pass his next big reform package. That package will be Cap and Trade or as the White House likes to call it the Energy Reform Act.
It is clear this White House is more concerned about transforming America into their ideological sense of what America is really all about than they are with how much suffering the American people will have to undergo during this “fundamental transformation.” At the rate we are going with the steady decline in the dollar its only a matter of time before we see the price at the pump back at the 3 and 4 dollar prices that helped to destroy the market in 2008.
(In case you are wondering why I used the Soros picture)