• The United States is 11th or 12th on the list of countries with the largest oil reserves.  The top 5, from lowest to highest, are United Arab Emirates, Iran, Kuwait, Iraq and Saudi Arabia - some lists have Canada in the top five.  For comparisons sake, the United States has around 21 billion barrels while Saudi Arabia has 265 billion barrels.
• The United States uses more oil than any other country.  In fact, the Unites States uses more than twice the oil, per day, than the next higher consumer of oil.
• The United States is the fattest nation in the world.  Walking and/or riding a bicycle to commute would help, but this isn’t always feasible when many people cannot afford to live anywhere near where they work.  With the current housing situation, this is getting worst.  It seems like we are stuck in a vicious cycle.
• Earlier this year we reached the 4,000 milestone.  In that 4th thousand, 53.6% were from IEDs, and 30% were from 18-21 years old.  Approximately 4, 168 men and women have been killed in Iraq.  Again, four thousand, one hundred and sixty eight men and women have lost their lives in Iraq.

“Stocks stayed flat Friday as the price of oil extended its decline, falling below $112 a barrel and helping to offset a disappointing report on consumer sentiment.

Oil fell on a growing sense that economies around the world are joining the U.S. in a slowdown. The rising dollar, which is gaining strength on economic concerns, contributed to the sell-off in crude and other commodities.”

The above is from the article “Oil skids below $112 as commodities sell off; stocks flat.”

Whatever we have been doing, we need to keep doing!  The economy has caused oil prices to go down.  In my mind, this is notable for two reasons:

1. We need to watch the oil prices because if the price of oil goes down and the gas prices don’t follow, we have been duped.  Why on earth would the price of gas follow the price of oil when oil is on the rise, but not follow when oil prices are on the decline?  Read number 2.
2. If a slow global economy means the price of oil will go down, why was it ever so high to begin with?  Yes oil is important, but is it so important that oil drives everything else?

According to a story by Elizabeth Douglass and Richard Simon in the Los Angeles Times, Exxon Mobil Corporation posted a profit of $11.68 billion for the second quarter of 2008 — the highest three-month profit in the history of the US.

It is basic economics.  Let’s say I make $10 profit on an item.  If production costs go up $2.50 and I raise the price by $5.00 I now make a profit of $12.50.  Pretty simple huh?  That is what happens every time you go to the pump ladies and gentlemen.  How does that make you feel?  It kind of upsets me.

At a time when we have to pay more across the board for products, I just don’t think it is fair for some people to be making record profits.  It just isn’t right!  Our salaries stay the same, prices go up and we essentially become poorer.  Meanwhile, some businesses are doing better than ever.  Our taxes are on a roller coaster cycle and oh, by the way, government officials keep getting those raises like clockwork.

I love this country, but “the land of the free…?”  I’m not so sure anymore.