The Oil Energy Situation has our Economy on Collision Course with Recession

This is a graph of the price of oil since 1947:

• All warning signs that existed prior to the energy crises of 1973 and 1979 exist today.
• Various energy security measures indicate that the potential for an energy shortage is high. The way the oil prices and energy prices in general are behaving it appears Opec now realizes it has pricing power with oil.  The problem is the world economy is accustomed to reasonably priced energy and will surely recess as it did in the 1970’s.  That will lead to what I wrote about in my last article about how this silly preoccupation with dilute alternative energys will get its bubble burst.  Unfortunately its a dellusion that has lasted long enough to get use into a really bad situation. I am now actively rooting for the drilling!