Wednesday, March 14, 2012

Kuwaiti Oil Minister is Concerned

In an article published on UPI.com, it states how the Kuwaiti oil minister is concerned about the price of oil.  His statements go on to say essentially, there is more than enough oil to meet demands and that the tensions in the Middle East (Iran) were partly to blame, but that $100 per barrel was more reasonable. 
While I disagree with the amount he states, (I think more like $70 tops) the article goes on further to state that analysts are concerned that oil prices threaten the global recovery.
Duh!
I have been saying this for the last few years, and a the entire blog here is about that fact.  With the rising greed associated with oil, we cannot bring ourselves out of this recession completely, and may in fact put ourselves back into it.  While the oil prices might not have caused the recession, it damn sure made it worse and has harkened longer than expected recovery times.  These times with persons out of work and seeking new employment hampered with the inability to put gas in their vehicles to go to interviews.  That, or they could forgo the food needed to keep their families healthy.
And then the other issue, is it the Rich who are bearing the brunt of this increased amount of help that is required by these persons?  No. 
President Obama has touted this simple fact.  The rich need to pay their fair share.  Something brought up by Warren Buffett.  It isn't a monetary issue, it is a percentage.  If the normal wage earners are expected to pay this percent, then so be it the rich should pay the same percent, scaled to represent their wages.  It comes down to why does an Oil Barren only pay a certain amount of taxes and then can breathe amongst is millions of annual income, while the person who makes 60K has to sweat it out because their pay was cut by 20%?  Hell, that is only federal, most have to pay state taxes as well.
The fact remains, drop the oil prices, stop being greedy bastards, or the economy is going to tank yet again.

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