News on CNN tonight. Oil closed at $73 a barrel today. But for the first time in ten months worldwide demand for oil has increased. At the same time consolidated reports of known oil reserves has shown a decline. Most experts believe that oil will reach $100 a barrel very soon. The head of the Russian national oil company predicted today that oil could reach $250 a barrel.

I think if I calculate things correctly that would make gas cost about $14 a gallon before taxes (or before the effect of speculative buying pressure and a dollar that won't buy as much next year as it does now).

From the reports, the actions of speculators and the weak U.S. dollar has had a greater effect on oil prices than consumption, even though consumption is up slightly. Greater increases in consumption in China offset reduction in U.S. consumption.

If these reports and projections are right, we'll have a whole lot more pressing issues to discuss here than how much CEO's are paid, who's running the banks and auto companies, whether the government decides to get into the health insurance business, which of several over-qualified candidates should be on the Supreme Court, or whether we can continue to afford the wars we've got going on in a couple of places.

Why do I even mention this stuff, when I live here in the bubble of prosperity, running around in my electric golf cart?