Oil heading to $125, possibly $150 per barrel

The important point that jumps out in this video exchange is that the fundamentals are there to support a steady increase in the price of oil. The world has not yet hit a price high enough to have enough of an impact on pressuring consumption. CNBC flashes a chart showing per capita oil consumption and the US numbers are not even close to anywhere else.

The Republicans and Bill Clinton made it easy for Detroit to promote gas guzzlers and energy conservation efforts were pushed to the side and labeled as kooky. The other interesting comment is when Boone Pickens - a billionaire oil trader and not a failed businessman like Bush - says "there are plenty of refineries around the world." This is from a Bush supporter and a very conservative Republican, contradicting what the GOP rolls out almost every day when giving their newest excuse for high oil prices. Bush is correct that there are no easy fixes for the problem, though blaming everyone else for problems the GOP created is just the usual "I didn't do it" spin that we've seen since the beginning.