rfenst wrote:Jobs are his "albatross".
The current price of gas sucks, but I think it is mostly due to current and anticipated greater instability in the middle east. We are a long time away from being able to really tap in to our petroleum/coal energies.
That, and from what I understand most of the world's oil is still priced in dollars. So if you're selling oil and pricing it in dollars and the dollar declines in purchasing power, naturally you're going to ask for more dollars in return for your barrel of oil.
Like Wheel said, hard commodities (like oil) have real value. Countries use fiat currency nowadays, so everybody's money is basically backed by nothing more than faith. Our money still has some value left but it is declining. By the time QE23 rolls around, we'll be paying about $1,200 a gallon for gas.
Hyperbole yeah, but we shouldn't forget that at one time not so long ago the Zimbabwean dollar was worth slightly more than a US dollar. Now you can buy 100 trillion dollar Zimbabwean notes on eBay for a couple of bucks.