Not so long ago, $60 oil represented a dire threat to the U.S. (hence, world) economy. Now that we’ve seen a price spike and a rapid decline down to half the current price and one-fifth last summer’s peak, Wall Street cheers expensive oil because it profits the oil companies.
You gotta love the media, loving Wall Street for loving the oil companies.
I spent much of my afternoon participating in an exercise in mental masturbation at the local offices of the U.S. Fish & Wildlife Service. We discussed the latest projections for build-out of the suburban area around Tucson within 100 years, with significant construction activity to begin in 20 years. Fortunately, we’ll be well into the post-industrial stone age by that time. But it’s a little disappointing when even a majority of the “environmentalists” in the room think we’re stealing a huge victory from developers by limiting paved surfaces to merely half the Tucson basin. We just keep trying to sustain the unsustainable suburbanization of the desert southwest, long after it’s clearly failed as a viable living arrangement for the entire industrialized world.
I managed to tolerate the demoralizing intellectual clusterfuck only because I’d received a bit of good news immediately before the meeting began. The local morning daily declined to run my latest op-ed, but the local counter-culture weekly rag will be running it within the next few weeks. When they do, I’ll post a link to the piece at my “News” page. You get to see the latest draft before the masses. For regular visitors to this blog, there’s nothing new here. I’m just writing for one of the primary reasons Orwell wrote: sheer egoism. Hey, if it was good enough for him ….
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For those of you not paying attention to the news last week, here’s a quick summary: The United States economy nearly collapsed, taking the world economy with it. Only a quick infusion of cash by the Treasury Department prevented full-scale collapse. The problem: peak oil. The solution, such as it is: print money, sensu Weimer Republic. Ben “Helicopter” Bernanke is living up to his nickname, and he’s getting a loan from Henry Paulson.