Texas Tea

I woke up a bit early this morning, and decided to actually read some news... something I do not really do much any longer. I found a quick article over at CNN Money on today's (6/19) oil prices.

Two observations:

1. Probably no matter what we do now with regards to our own oil consumption, the United States is no longer the sole consumer of the world's oil and cannot single-handedly drive the price through its demand of oil. A bit ironic that this is one negative that has come about by the rise of the other global economies, which we thought would indirect positive effects on our economy. This is one case where it seems to have a negative indirect effect.
2. In roughly 2004, I recall stories on NPR news that were reporting the phenomenon of $50 a barrel for oil as remarkable and spelled doom for us all. the current price as of today, roughly 4 years later, is $134.