Haven’t Blogged in a long time
by Gilbert Keith
Might as well get a post going…
Totally hilarious. A must watch.
Anyway, the economy might head into a recession, and obviously that means a decrease in aggregate demand. The WSJ had an article yesterday about how oil futures were dropping due to this decreased demand and also due to some facetious bargaining and please by Mr. Bush. (outcome uncertain)
This whole oil business really puzzles me. I mean, we have all heard the talk of how America is dependent on “foreign [sometimes read Middle Eastern] oil” and that there is not as much government investment in alternative fuels.
Then there was the Bush visit to Saudi Arabia, wherein, among other things, he called for increasing the supply of Oil.
“High energy prices can damage consuming economies,” the president told a small group of reporters traveling with him in the Mideast.
“”It’s affected our families. Paying more for gasoline hurts some of the American families, and I’ll make that clear to him,” said Bush, heading into more talks with Saudi King Abdullah.”
[. . .]
“”When consumers have less purchasing power, it could cause the economy to slow down,” Bush said. “I hope OPEC nations put more supply on the market,” he added. “It would be helpful.””
Durrrrr.. Anything new and insightful, Mr. President? Jesus Christ.. What mediocrity is being perpetuated here? Everyday as I read slashdot and the MIT Technology Review, I happen upon articles which talk about new and improved means of ethanol production, other exciting biofuels (Link 1, Link 2, etc.), and nowhere do I hear about the government making significant investments in these things. What kind of a double standard is this?
Also, we are already seeing responses like:
Responding to remarks by Mr Bush, who is staying with Saudi Arabia’s King Abdullah, Mr Naimi said: “Presidents and kings have every right, every privilege, to comment or ask or say whatever they want.”
He added: “The concern for the US economy is valid but what affects the US economy is more than the price of oil.”
Venezuela and Iran have already said the cartel should not increase its output. Mr Naimi was tight-lipped about its preference ahead of the Opec meeting, only saying: “We will raise production when the market justifies it.”
source: Financial Times
Anyway, in other news, you Gophers, be proud. President Bruininks has signed the Presidents’ Climate Commitment Initiative, which means that over the next few years, the U will be making a big effort to go Carbon Neutral. It isn’t in the news yet, because it’s only happened recently, and the U is pretty much shut down, but I got the inside scoop, due to being in EcoWatch and showing up at the MPIRG committee meeting. I think we are the first Big-10 school to do it, which is good. Please help the university achieve this goal by doing whatever you can to support it!