...The average private worker now earns very roughly $600 a week... gasoline might well account for close to one-tenth of his or her earnings. If the price of gas goes up 25 percent, the effect is serious...Ha Ha Haaaaa! I don't think I'll hold my breath waiting on that press conference....That's as likely to happen as this water powered car I keep hearing about.
...government can do little to make the price of oil fall in the short run, except, perhaps, for one basic thing: balance the budget. The world price of oil is denominated in dollars. The dollar is weak for many reasons, but a big one is the immense budget deficits run by our government. If President Bush and Senators John McCain and Barack Obama were to stand together in front of a camera and solemnly swear that they would balance the budget in four years, even if it required tax increases on people earning millions, the dollar would rise against the euro, and oil would fall in dollars.
Statement in Support of the NEA
1 day ago