You are here



For those who agree that the US shouldn’t buy oil from countries that don’t like us very much, there’s good news. The huge, sudden collapse of the price of crude is hitting those countries hard.

Putin is trying to talk the Russian economy away from the edge, Iran might not be able to buy gasoline (they export oil but import refined products), and Chavez might end up swinging from a lamppost.

McCain’s campaign talking point was a bit daffy—it matters little where a country sources its oil since it is a fungible commodity. The price is set on a global market, and if those “bad” countries didn’t sell to the US demand, they would sell to the Chinese or Indians, at the same high price.

But, when the price is low, it helps Americans keep their wallets full even as their investment balances are down. So there is some cause for joy, and for joy in the suffering of despots and crackpots.

U-S-A! U-S-A! U-S-A!