Monday, October 29, 2007

Oil Price to Reach Carter-Era Peak, Will Set Record High

Crude oil prices appear increasingly likely to hit a record in real terms reached during the second oil crisis in 1979, as nominal prices on Monday continued rising well above $90 a barrel.

Full Story

You will notice that I had to get this story from London. Did you think the U.S. media would actually report this on a wide scale? Maybe on the inside back page, if we're lucky.


NORAH O'DONNELL, GUEST HOST, "HARDBALL": What is it that the Democrats can do about high gas prices that the Republicans can't?

HOWARD DEAN, DEMOCRATIC CHAIRMAN: We can do a lot. The first thing we would do is give back the $16 billion that the Republicans gave to the oil companies. Here you have the spectacle of them giving away $16 billion worth of tax breaks, which are paid for by us and then we have got to pay $3 a gal on top of that. That's not right. If the Democrats had been if power, those kind of tax breaks never would have been given away...

...O'DONNELL: So you're telling me that if in these midterm elections that if Democrats win, that Americans will see an immediate drop in the price of gas at the pump?

DEAN: What I'm telling you is that if Democrats win, we'll be able to stop the president from doing the kinds of things that he's done that have increased oil prices dramatically.

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