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Try making plastic, bitumen, cosmetics, polyester, detergents, dyes, waxes etc from gas though. Oil is a lot more than just a fuel. http://www.anwr.org/features/oiluses.htm The high crude price just makes LNG, oil sands, coal liquification etc for fuel more attractive, it is not a cure all.

Exactly. Interest rates are set now because of fundamentals from the past quarter(s), although they do impact the fundamentals later on. That is why the growth (or lack of) curves are not straight, they undershoot/overshoot. Interest rates are based upon laggy data.

Exactly. Remember the correct definition of inflation is not price rises, but an increase in the supply of money. When exactly does anybody expect any government to stop printing excessive money. They can't, too many future obligations and it would be political suicide. That is not to say...