Back in May, Barry Ritholtz compiled a list of reasons why we are to blame for the current oil price increases. Mostly it’s a matter of having an energy policy that very much encourages the price to rise. He’s dubbed this perversity the “George Costanza Energy Policy” in honor of “The Opposite,” the episode of Seinfeld where Costanza gets a job with George Steinbrenner.
Of course, it’s not really perversity that led to this energy policy, but Bush’s close ties to the Saudis.
Now it appears that oil may actually reach $150. Could happen next week.