Would someone please explain to me why the stock market has cratered because of turmoil in Libya?
Yes, I know it has something to do with the supply of oil. But Libya produces less than 2 percent of the world’s oil, and exports little to the United States. Yet oil prices broke the $100 per barrel barrier today. In my neck of the woods, gasoline prices jumped $.10 per gallon in one day.
And why the hell haven't we (the U.S.) done more to make ourselves less dependent on imported oil? We have enough proven reserves, whether in the Gulf of Mexico, Alaska, or shale oil in western states.
This is plain and simple a failure of multiple administrations, both D and R, going back to Jimmy Carter and beyond. Not only have we left ourselves vulnerable to our enemies, we have fattened their purses by refusing to take advantage of our abundant natural resources while depending on theirs.
And don't even get me started on ethanol...
First Things First.
10 hours ago