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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (223047)	3/9/2005 1:24:50 PM
From: tejek	Read Replies (2) of 1573216

Yes, as I said in my previous post, oil acts as a tax, as you know. I think I read somewhere that every $10 above $20 means 1% of GDP. So by that measure, our Middle Eastern friends are pocketing 3% of U.S. GDP. Ouch. I also read that oil would have to get to $70-80 in today's dollars to reach the levels we saw in the 70's. And we all know what that oil spike did to the economy. Anyway, I too believe that the twin threats of oil and deficit spending are the greatest threats to our economy. To me, oil by far is the worse threat. Unfortunately, Bush is not going to be the one to solve the oil problem for us, which again is why I voted for Kerry. The problem with oil is that the supply is not out of line with demand per se. Its that there are all these threats of withholding oil by oil producers or an Iraqi pipeline getting blown up. And Bush is responsible for a lot of the psychological negatives. Is it because high oil prices are good for his friends? ted

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