OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year, citing the dollar's decline and political conflicts.
``Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro,'' Khelil said today in a telephone interview. The leader of the Organization of Petroleum Exporting Countries also serves as Algeria's oil minister.
Bullshit.
Americans drove 1.4 billion fewer highway miles in April than they did in April 2007, the Department of Transportation said Wednesday.
Americans have driven 20 billion fewer miles overall this year, the Transportation Department says.
That marks the sixth consecutive monthly drop and coincides with record gas prices and an increase in transit ridership, Transportation Secretary Mary Peters said.
http://www.fhwa.dot.gov/ohim/tvtw/tvtpage.htm
Check out the above link. It CLEARLY shows that "demand in the in the US" is declining. They are using Chinese and Indian "demand" as an excuse to drive up prices. They know damned good and well that the run up of prices has gotten out of control, and they clearly have crossed a line with consumers. This is why you see major auto manufacturers pushing for electric and hybrid cars.
They try to use the declining value of the dollar as an excuse. The dollar has fallen around 20% in the past few years, so, one would think that prices of oil would jump 20% respectively.
They are LYING TO YOU. The only way to really break their grip on our economy is to develop cars that don't use gas AT ALL. Compressed air is my personal favorite for a number of reasons. I liked the idea of the Chevy Volt, but the first person to say "we'll get you from point A to point B all work week long without a DROP of gas", they are going to be VERY rich.
Travis
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