$144 is not taking inflation into consideration

image by jaumedurgell

Over the weekend, Think Progress reminded readers that in 1998 Osama Bin Laden felt that oil should be sold for $144 a gallon, 13 times what people were paying for it then ($11).  Such pricing would be a victory for the Muslim people. Islamic extremists can thank our illegal war in Iraq for hitting that benchmark.

My response is two-fold.

One, no one seems to be taking inflation into account.  $144 in 1998 equates to $186.10 today. I don’t doubt we’ll soon see oil selling at that price point and higher, given gluttonous consumption of petroleum and the exponential growth in Indian and Chinese use of oil, but we’re not there yet.  Let’s revisit pricing right before the election.

Also, just weeks after 9/11, Bush gave an address meant to put terrorist-supporting nations on notice.

Either you are with us, or you are with the terrorists. .  . From this day forward, any nation that continues to harbor or support terrorism will be regarded by the United States as a hostile regime.

So if Bin laden is happy with this turn of events, put in play by our brainiac leadership’s decision to attack Iraq, do we officially qualify as a hostile regime?  What’s the penalty for violating your own mandate, President Bush?

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