Dave Lindorff writes: "Americans are in a panic over rising gas and heating oil prices, and with reason. For months, the price of a barrel of crude oil has been rising steadily, hitting a record $127 yesterday. Analysts keep getting trotted out on TV and in print, attributing the dramatic price rise to everything from “peak oil”—the idea that producing countries have reached their peak of productive capacity, and that the only direction for oil supplies looking forward is down, while demand continues to rise—to increasing demand in China and India, to supply bottlenecks, to specific news events, like a pipeline break in Nigeria, or a closed refinery in California. ..." Read the rest because It's Happening!
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