$500 Oil?

A dek from Fortune:

If Matt Simmons is right, the recent drop in crude prices is an illusion - and oil could be headed for the stratosphere. He's just hoping we can prevent civilization from imploding.

It feels as if we are hitting several walls at once. For me, it's frighening, but also in some ways, a relief. We have less to fear from reality than from denial of that reality. The market correction, the morass in Iraq, and the exposure of American debt are all good things in the long run. If we have not recognized the damage of the last eight years we cannot repair it.

But the case for Obama is getting overwhelming. McCain has no credibility since he was one of the key architects of the war in Iraq and his party is primarily responsible for the debt and greed and corruption that we are now coping with.