I am intrigued by the WSJ’s concern that rising oil prices will destroy the US economy. Goodness gracious oil prices there are approaching $3-74 US per gallon. That’s about 98.8 US cents per litre or 40 per cent less than Australian prices. Of course these prices are, in turn, a dimension less than European prices. Indeed the US currently has the cheapest petrol in the world among developed economies. Time for the US to wean itself off the petrol teat?