Bush announces the lifting of the moratorium on offshore drilling and oil prices collapse.
I remember Putin invading the Ukraine and Chavez getting uppity.
Poof their economies dump into the toilet and our gas prices hit $1.50/gal.
Let's see how Obamama flexes his muscle. After all our military toys rule the planet. Governments are helpless against us. Only "Mad Bombers" and people with towels on their heads dare take us on.
Still plenty of oil out there. It just "belongs " to countries we approve of.
I'm beginning to wonder why the "crisis" was necessary.
By the way, you think anyone in the Obamama gang will be a person who has ever had a real job.
None so far. All big government hacks who sold us down the river through NAFTA.
That great plan to give foreigners our middle class jobs destroying our economy, remember?
Time will tell.
P.S Expect Obamama's policies to work just grand. I'm preparing for the next boom. How about you?
I remember Putin invading the Ukraine and Chavez getting uppity.
Poof their economies dump into the toilet and our gas prices hit $1.50/gal.
Let's see how Obamama flexes his muscle. After all our military toys rule the planet. Governments are helpless against us. Only "Mad Bombers" and people with towels on their heads dare take us on.
Still plenty of oil out there. It just "belongs " to countries we approve of.
I'm beginning to wonder why the "crisis" was necessary.
By the way, you think anyone in the Obamama gang will be a person who has ever had a real job.
None so far. All big government hacks who sold us down the river through NAFTA.
That great plan to give foreigners our middle class jobs destroying our economy, remember?
Time will tell.
P.S Expect Obamama's policies to work just grand. I'm preparing for the next boom. How about you?
My Budget 360
But in a blink of an eye the oil bubble burst and brought down nations like Russia and Venezuela that were heavily dependent on oil revenues. This was a double hit for many of these countries. The one silver lining for a consumer nation like the U.S. is that the drop in oil prices was a stimulus. Can you imagine how our economy would be right now if oil were at $147? Hard to even imagine. Daily consumption is roughly 86 million barrels globally. Let us run the annual numbers:
$4,614,330,000,000 (annual consumption cost of oil at $147 per barrel)
$1,255,600,000,000 (annual consumption cost of oil at $40 per barrel)
That’s another $3.3 trillion we just saw evaporate mostly to oil exporting countries. Now let us run our grand total so far:
Running Total: $30.7 trillion + $6 trillion + $3.3 trillion = $40 trillion
$40 trillion on the nose. Now keep in mind we did not look at residential real estate across the globe which is imploding. We did not look at commodities which have collapsed. It is easy to see how we can reach the $70 trillion now making the rounds. This is a stunning number given global annual GDP is approximately $54 trillion.
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