The Tipping Point for Oil
By Doug Wilson

“We must strip oil of its strategic significance.” These words were spoken by Anne Korin, co-director of the Institute for the Analysis of Global Security (IAGS) in her presentation before the House Committee of Foreign Affairs on May 22nd.. If oil stays at or above $125 per gallon, we will export 500 billion of revenue in 2008 – equal to our national defense budget – to many nations that are not friendly to the U.S. Saudi oil reserves at $100 a barrel are worth 60 trillion… more than the market cap of all the world’s largest companies combined.