Don't forget to thank your Democratic representatives in Congress for sending gas prices skyrocketing by doing absolutely nothing to help the U.S. find additional oil over the past two years.
The editorial in Investor's Business Daily, "Peak Oil: An Idea Whose Time Is Up," helps explain the current crisis and how Congress allowed it to happen.
U.S. production is trending down again, but it's not because there's no oil. It's due to shortsighted policies that prevent the industry from drilling for the almost 100 billion barrels of crude known to be under Alaska's Arctic National Wildlife Refuge and beneath the oceans just off of America's coasts. It's because politics and political correctness block the development of Big Sky state oil shale fields, where as much as 2 trillion barrels of crude, by some estimates, sit idle.Think back to 2006 when American voters decided to put the Democrats back in charge in Washington, D.C. How much has gas risen since Pelosi, Reid & Co. took over? How much worse will it get if we elect more Democrats this November?
It's possible that rather than falling for the peak oil theory, investors simply are considering the reality that Congress has done nothing to increase crude output, and that continuing on that foolish path will indeed bring shortages.
The U.S., though, is not the only nation that pumps oil. World output is expected to rise from 85 million barrels a day today to 110 million barrels by 2015, according to the International Energy Agency.