What did I write in my previous post?
"What about 1973?" First real oil crises. US did not take this opportunity to change the economy. Even in the mid seventies Japanese cars used only half as much petrol compared to American cars.
What I read today on Yahoo!news by JEANNINE AVERSA, AP Economics Writer
"Even though Bernanke has made clear the Fed's top priority — for now — is trying to get the economy back on track, he also says he remains mindful of inflation risks, especially from high energy prices".
Oil prices have reached new record highs, galloping past $100 a barrel in recent days. High energy prices can spread inflation by boosting the costs of a wide variety of other goods and services and can put a further damper on overall economic growth by crimping consumer spending.
Fears have grown that the country is heading for a recession or is already in one.
Are we talking about oil again ? Are we going to take the opportunity this time ?
Imagine if the USA and the European Community would make the change now from oil-based to renewable energy economy!!!
By the way, taking action can be very powerful !
For example, China started their family control policies in the 1970s and it boosted prosperity. Now blinded by wealth, luxury and a "money can buy you anything" mentality they start thinking about canceling the one-child policy. It all started because world's biggest population strained scarce land, water and energy resource. And oil ???
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