Posted by
Buster Foghorn on Friday, August 01, 2008 12:31:55 PM
Are Americans ready for a descent into Third World status? Analysts report that with declining oil-production in Alaska, the pipeline will soon become too expensive to run. Further, with diminishing authorized domestic sources of oil, an increasing population, and rising future gas prices, our production will fall from 42% of our current demands to a lower number – could we see oil production that only equals 15% of our needs?
How long before our current overseas oil expenditure of $700 to $800 billion a year seems like a bargain alongside a future expense of $2 or $3 trillion. Congressional demands for more spending seem limitless. Demagogues’ rail against business thereby suppressing growth and a galaxy of future decisions accumulate. No one seems willing to tackle the highest priorities such as social security and Medicare reform.
If gas is $10 a gallon, what happens to all those boomers ready to enjoy their retirement years? They never expected to spend their declining years living in a Third World country. Oh, won’t it be fun riding the down escalator!