Wednesday, November 09, 2005

More Bad News For The Republicans

It's gonna be a little hard not to notice this:

Greenhouse gas 'to rise by 52%'

Global greenhouse gas emissions will rise by 52% by 2030, unless the world takes action to reduce energy consumption, a study has warned.
The prediction comes from the latest annual World Energy Outlook report from the International Energy Agency (IEA).

It says that under current consumption trends, energy demand will also rise by more than 50% over the next 25 years.

The IEA adds that oil prices will "substantially" rise unless there is extra investment in oil facilities.

It says the world has seen "years of under-investment" in both oil production and the refinery sector.

The organisation estimates that the global oil industry now needs to invest $20.3 trillion (£12 trillion) in fresh facilities by 2030, or else the wider global economy could suffer.
In my day job, I chance to meet many well-known (and highly intelligent and respected) businessmen and financiers.

Not one of them believes that a gallon of gasoline will be less than $10 in the next five years.

That's not "$10 in 2005" money either, meaning the equivalent of like $5 a gallon now. They mean, "take $10 now, put it in the bank at the rate of energy inflation, and then withdraw it in 2010, and buy a gallon of gasoline".

Somewhere on the order of $20 a gallon at that time. But that's not all:
Bush Administration Breaks Record
Administration Borrows more from Foreign Nations than Previous 42 Presidents Combined

Washington, D.C. - President George W. Bush and the current Administration have now borrowed more money from foreign governments and banks than the previous 42 U.S. presidents combined.

Throughout the first 224 years (1776-2000) of our nation's history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions according to the U.S. Treasury Department. In the past four years alone (2001-2005), the Bush Administration has borrowed a staggering $1.05 trillion.

Higher gas prices. Higher interest rates. Lower wages. Lower services.

Gee, those lower taxes, they ain't looking so good right now, are they?