Tag Archives: oil

Government debt default risk high

The Damascus Road. An important Middle East prophecy involves the city at its end.

The risk of default on US government debt is high, but the debt ceiling isn’t the cause. The cause will be war in the Middle East.

Where government debt stands

The debt ceiling now stands at $14.3 trillion. Recently the House of Representatives soundly defeated a measure to raise it without cutting spending. Former Governor Sarah Palin (R-AK) said yesterday that the government should not raise the debt ceiling. The government should cut its budget and stop spending to excess, she said.

Gold and silver still waiting

Gold coins. Will gold and silver coin replace paper money soon?

Gold and silver have stopped falling and are standing still. But what are they waiting for?

Where do gold and silver stand?

Gold and silver closed at $1522.80 and $37.32 yesterday. Each metal has moved up from recent lows. But no one is betting—yet—that either metal has hit bottom and is about to rise. Franklin Sanders said earlier this month that he expects both metals to rise in price, but not before the end of June. When that happens, they will never be this cheap again.

Drilling in Alaska after Obama shut it down

Drilling in Alaska: the Trans-Alaska Pipeline

President Obama now wants drilling in Alaska. But after he shut it down in Alaska and the Gulf, it’s too little and too late.

Last week, with oil still costing $100 a barrel, or close to it, President Barack H. Obama finally told the Interior Department to sell more leases for offshore drilling in Alaska and the Gulf of Mexico. He announced his new policy on Saturday (May 14) on his weekly radio address:

Petrodollars, War, Peace and Economics, Part 2

Petrodollars in action: a West Texas pumpjack well

Petrodollars served America’s governments well for more than 25 years, until other governments—and madmen—saw chances to rebel or conquer the world.

Petrodollars, War, Peace, and Economics, Part 1

Petrodollars in action: a West Texas pumpjack well

Petrodollars drive American political indulgence and provoke war and terrorism. But few living today remember how petrodollars started.

Gold might become dollar standard

Gregory Potemkin

Gold might once again become the standard of value for the US dollar. Only that can stop the dollar from becoming worthless.

Tax giveaways aren’t right?

Obama, hypocrite in chief at the National Prayer Breakfast

In his speech on April 30th, President Obama expressed his opposition to oil and gas company tax subsidies. He said,

I do have a problem with unwarranted taxpayer subsidies that we have been handing out to oil and gas companies…These tax giveaways aren’t right. They aren’t smart, and we need to end them.

With rising gas prices at the pump and the oil companies reporting record high profits, the President’s statement sounds reasonable and even laudable. But, as always, one needs to look more closely at the rhetoric to expose the hypocrisy of this Administration.