‘Two Americas’ And Oil

Remember those ‘two Americas’ that John (the Breck girl) Edwards was talking about in the 2004 presidential campaign? The rising prices of crude oil, now north of $104 per barrel, and gas at the pump north of $3.50 (and 9/10) a gallon, and rising by about a dime a week got the attention of the New York Times with this front page analysis.

The highlights . . .

 

  • Rising Gas Cost Finds the Nation Better Prepared.
  • The increase in energy prices is beginning to resemble the rise in 2008. But this time, the American economy may be better prepared for higher fuel costs.
  • While the latest surge in energy prices is likely to cause some pain and slow the recovery from the recession, economists say the spike is unlikely to derail the rebound unless prices rise a lot further.
  • One big reason is that consumers and businesses have learned lessons from the last oil shock. … Industries like airlines and trucking, which are most severely affected by fuel prices, have passed on their higher costs almost immediately instead of waiting for the price increases to hammer profits.
  • And much of the rest of the United States economy is far less dependent on oil than it used to be.

    A fascinating and in-depth analysis of the high gas prices that took the combined efforts of five reporters. So you know it must be complete and comprehensive.

    Harken back to the high gas prices under the Bush administration which, according to former Speaker Nancy Pelosi (D-CA), was blamed on the Bush administration and the fact that there were ‘two oil men in The White House.’ Today, it is apparent from the New York Times that the cost of crude and gas have nothing whatsoever to do with Washington.

    There’s your ‘other’ America.

    Link: U.S. Economy Is Better Prepared for Rising Gas Costs | ‘Two oil men’ to blame for high gas prices, Pelosi says

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