Taking Energy Independence Seriously

(Stonegate Institute) Lawrence Kadish - In 2011, as Americans emptied their wallets at the gas pump and crude oil reached almost $100 a barrel, OPEC kingpin Saudi Arabia reported an $81.6 billion 2011 budget surplus. Trillions of dollars have left our economy to purchase oil mostly from OPEC nations that directly or indirectly support radical Islamic fundamentalists. The ominous linkage between cyclical recessions and our repeated failure to achieve energy independence and oil price stability has caused much hardship on our citizenry and severe damage to our economy. The historical evidence is clear. Whenever oil prices spiked as they did between 1972-1980, and then again between 2003-2008 and beyond, recessions in America followed.

2012-01-10 00:00:00

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