Chakib Khelil, Algeria’s energy minister and president of OPEC, in the wake of oil hitting a record $125 per barrel this week, has predicted that oil could rise as high as $200 per barrel before the market peaks out. Rather than blame consistent production cuts designed to spur the price inflation, however, Khelil decided to blame the victims.
Khelil said the blame for record oil prices and inflation at the pump lay at the feet of the weak U.S. dollar and “global insecurity.” That’s funny. And here I thought the weak US dollar had a lot to do with these out-of-control oil prices. Silly me.
As for the “global security” problem, things have never been better, when you think about it. Iraq is closer to being a stable democracy than it has ever been, the troop surge put a huge dent in the terrorist cell resistence, and about the only real risk out there now is the rabid president of Iran, Mahmoud Ahmadinejad, who really might want to invest in some medical ID tags for his citizens and himself if he doesn’t cool his jets and start acting like a diplomat instead of a terrorist.
So much for our “allies” in the Middle East; those who aren’t trying to blow up America are taking notes from Japan and waging an all-out economic war on the West.