I found a great piece over at Ezra Klein over the price of oil, why it's happening and some notion on the future.

I think folks need to look at oil prices for the last couple of years. Consider the price of oil has nearly tripled in the last two years. Has demand really increased that much? Also consider that ExxonMobil has had record profits in the last year and are projected to have another record setting quarter. They are merely stacking the deck.

Now... in the companies' defense, consumption of petroleum based products, mainly gasoline hasn't slowed much. One could argue they are merely pushing the limits to see what the market will support. Unfortunately a lot of middle class folks and poorer will pay a hefty price in the process. Pay attention to the farmers too. They run farms of gasoline and diesel fuel. Food costs will surely climb too. I'd say Farm Aid will be busy this year.



Technorati Tags: oil prices, Exxon Mobil, Farm Aid

posted by Stithmeister @ 11:35 AM
 
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