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Much of the oil originating in Alaska goes to Japan, not the United States. Japan pays a higher price. The parties drilling for oil in Alaska and on the coasts do not include the U.S. government, but are private corporations. They will say thank you very much, SUCKERS, we will sell that oil to the highese bidder.
Someone reported on Garrison Keillor's site today that gasoline in Shanghai is selling for a little over $1.50/gallon. This is because China is subsidizing the price for its citizens. China will buy the oil because it has the wealth and because they can use oil as the ultimate weapon to finish us off without firing a shot.
I used to think that high oil prices would make Chinese goods more expensive but it isn't going to work that way. Exporters in the US get saddled with $5-$6 per gallon fuel while exporters in China pay $1.50. Game over and Bushco laughs all the way to the bank.
