Eventually, OPEC will open the taps and oil prices will recede–a bit, for a while. But our dependence on a small group of countries whose interests are often diametrically opposed to ours will continue, and as long as it does, they’ll hold the fate of our economy in their hands.
Time to drill in the Alaskan National Wildlife Refuge? No. Time to cut us gas-subsidy checks? No. Time to work on a tax and consumption policy that encourages less oil usage and more investment in alternative, renewable energy.
It is wise to remember that Blodget was the foremost cheerleader for the “bubble” in technology stocks in 1999. He touted them daily to unsuspecting investors. He was obviously wrong, but given a large forum then…..