High oil prices caused worldwide recession

UPDATE The oil industry is quietly sowing the seeds for a sharp run-up in gas prices once demand recovers. Oil companies are slashing new investment and production far more sharply than analysts projected just a couple of months ago, a strategy analysts say could lead to shortages and higher gas prices when consumption rebounds. And, analysts say, a standoff between the oil giants and their suppliers over the cost of rigs, labor and other expenses could prolong the investment slowdown. USA Today [Editor's Note: If oil prices rise sharply as this analyst predicts, certainly the world will move into a deep recession. Just more evidence that we must rid ourselves completely of the greed that is prevalent in the oil industry. It is time they drown in their oil because the economies of the world cannot deal with the topsy-turvy oil prices and the greed that pushes up oil prices when demand rises. The auto industry cannot convert to electric cars fast enough. While more nuclear power plants are being built (Obama is not moving fast enough on this), there must be more exploration for oil to hold us over until the day the world can rid itself of the use of expensive, pollution causing fossil fuels.]

03/03/09 A reader writes, Dear AutoRacing1.com, If this recession hitting us hard was due to America's Wall Street crooks and stupid banks who gave home loans to every Tom, Dick and Harry, how come the entire world is in a recession and not just the USA. We all know it was the fault of George W. Bush. Mary Carter

Dear Mary, We have a lot of mental midgets in the liberal media here in the USA who can only focus on bringing down those in power, and while we are not economic experts, we can tell you that every time the oil prices go sky high we see a world recession. Gas prices were high around the world and hence it is a world recession. Yes, the financial idiots in the USA blew it big time, but in fact bigger blame for this global recession is probably the greed in the oil industry. History has shown it to be so. And one final prediction – if the gasoline prices go up significantly again this summer, the world will not pull out of its recession. Hence why we have been big proponents of electric cars and nuclear power plants. The world must eliminate its dependence on fossil fuels. They pollute, their supply is limited and terrorist countries are in control of much of it. AR1.com staff