...Professor Klare notes that "Crude oil is trading at well over $50 a barrel. Congress has authorized oil exploration in the protected lands on Alaska's north slope, but the reality is that oil reserves there are limited. Given current patterns of consumption, the United States will need to import 60% of the oil it uses by 2010.
But we would be remiss were we not to make the point that when that day comes, The Bahamas will feel either pinch or punch.
Put otherwise, no matter how this cookie crumbles, Bahamians will come to know and recognize that there is always a necessary price that must be paid.
And the undeniable fact of the matter is that as the price of oil goes, so goes the cost of living.
Our days of living on easy street are coming to an end.
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...Professor Klare notes that "Crude oil is trading at well over $50 a barrel. Congress has authorized oil exploration in the protected lands on Alaska's north slope, but the reality is that oil reserves there are limited. Given current patterns of consumption, the United States will need to import 60% of the oil it uses by 2010.
