Will there be panic at the gas pumps?

Posted: Tuesday, May 16, 2006

Ask anyone in the oil business and they’ll tell you that current prices at the pump reflect what gasoline will cost in the future. The price is based on speculation, or “futures.” It’s not about driving habits, present supply and demand or refinery production as we’ve been told. It’s about the rapidly approaching war in Iran.

Why are gas prices soaring? Two reasons: First, oil companies see a crisis ahead and are getting all the money they can before the nest big war begins. Second, the central government is creating the steep increase to mitigate a political crisis.

War with Iran will soon begin. Israel is preparing a first strike. America must, and will join in. Oil will quickly go above $100 a barrel. Pump prices could easily exceed $5 per gallon.

The rise in gas prices now is steeply upward, but measured. The Washington regime knows that Americans can handle this kind of “gradual crisis” by adapting. We will gripe, but we will also change some driving habits. As the federal government has planned, gradually rising prices now are politically less destructive than a “panic at the pumps” which would otherwise happen overnight.

Market speculators, the oil companies and the central government see what is coming. Sadly, most Americans do not.

I want to say, “Get ready for the ride,” but I’m afraid many of us will be walking.

Norm Olson


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