One Hundred Twenty Dollar Oil

Oil finished today at $119.97, a record high close. What, you don't think that qualifies as $120 oil? Picky, picky.

National average gasoline prices are also up fifteen cents in the past two weeks. As we've seen, John McCain and Hillary Clinton have come out in favor of a temporary suspension of the federal gasoline tax, although every economist on record has opposed the idea. Clinton has suggested a windfall profits tax on big oil companies to pay for the gas tax holiday. Barack Obama, meanwhile, refuses to pander.

Remember the last time politicians suggested suspending the federal gas tax, and implementing a windfall profits tax on big oil? I do. I wrote about it.

Copyright (C) 2008 James Michael Brennan, All Rights Reserved