Other View: Here comes $100 a barrel

Opinion

November 10, 2007

Anonymous The Record Eagle Sat Nov 10, 2007, 09:47 AM EST

Ready for $100-a-barrel oil? Despite a stall in oil's steep price climb, that symbolic milestone could be here by Thanksgiving. So what can we do to reverse the surge in prices, or at least soften its impact? Not much.

Americans are wincing every time they fill up their cars' tanks. They should at least understand what's driving prices to such levels.

To start, forget the usual suspects -- the mess in Iraq or oil shortages. Instead, look first at traders in the futures markets of New York, London and Tokyo, where oil is just another commodity. When the subprime mortgage markets imploded, big investors looked elsewhere to find profit. They found it in oil.

For our part, Americans should consider parking their big SUVs and driving fuel-sipping compacts while dialing down the thermostat. It won't change oil prices immediately, but it will cut costs.

Newsday

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