Zeev's Turnips Patch-No Politics (ZEEV)

[osprey]

Who suffers from high oil is the third world obviously. Oil is a fungible commodity and, like food or any other necessity, the richer one is, the less the impact. While we bitch about $2.00/gallon gas, the poor majority in the world is more concerned about just surviving another day. I've already read reports about some of the third world countries suffering from gas and electricity shortages and also starting to show social unrest.

The USA is not too popular right now worldwide, a year or two of high oil prices and OPEC might well be seen as the bad guys.
I believe they recognize this, hence the continual pronouncements about upping their output and stabilizing the price of crude. What isn't clear is that they have the capacity to actually do so.

If the Hubbert peak people are correct, the real fault is traceable to the Cretaceous where not enough Dinosaurs fell into swamps.