Bloomberg.com reports that
Nymex Crude has hit a stunning $59.02/bbl, a new record high (in nominal dollar terms).
Observers of the Iraq War note that the insurgents are extremely well-funded. The extra petrodollars routed via countries such as Saudi Arabia and Iran help buy the bullets, guns, and explosives that fuel the Iraq insurgency, killing Americans and Iraqis every day.
I saw many drivers on the road this Father's Day, but two made a particular impression. I saw a red Honda Insight cruising eastbound. It looked a bit scruffy like it was built a while ago, but it was getting the job done efficiently. Both seats were filled. I also saw a black Lexus SUV headed westbound, brand new and shiny, with two seats filled. The SUV had a "Support the Troops" yellow magnetic bow attached to the back, while the Honda Insight had no signs or bumper stickers at all.
That Honda driver is about four times as patriotic as that Lexus driver — and about twice as patriotic as I was today.