Friday, November 16, 2007

Oil Prices Above $90 a Barrel


Crude Oil prices nearly hit $100 a barrel last week. Prices are now hovering in the mid-90's. However, many analysts believe that it's only a matter of time before oil prices reach the $100 mark. oil prices have spiked into this territory before, but only briefly. This time the prices seemed to be holding. Instead of spiking and going back down, there seems to be the feeling that these prices represent the new normal. Keep in mind, we are not even in Winter yet.


And of course this is great news for Bush & Cheney (both former oil men) and their buddies in the oil business who will rake in obscene amounts of money because of these higher prices. But eventually these higher prices will spur inflation, since retailers and manufacturers will have to pass the cost of fuel to the consumer.


Meanwhile the U.S. dollar continues to fall, and for some businesses overseas (and even some Countries) it is no longer the preferred currency. Add to that the rising cost of healthcare, stagnant wages, increased cost of education, home prices are down, foreclosures are up, increases in both individual debt as well as the national debt, record trade deficits, the shipping of jobs overseas, the lack of retirement savings, billions wasted on a senseless war (some now say trillions)and we end up with a recipe for economic disaster.

I have mentioned before that the current U.S. economic situation is unsustainable.

Hear a debate between 2 opposing economists about the future of the U.S. economy... One economist, Peter Schiff, believes that the U.S. is headed for recession. Ken Rogoff on the other hand believes that everything is fine and dandy and that those who say that rough times are ahead are simply being alarmists. Rogoff's view seems to be overly optimistic. It's as if he has no connection to reality.

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Related Links

American Dream Out of Reach For Many

Oil Companies and Price Gouging

America's Economy Will Feel Grim

3 comments:

Constructive Feedback said...

Angry - Venezuela and the OPEC nations are making the most money from this COMMODITY who's base value has increased.

And you say WHAT? (Did you not see the MSNBC.com news story this week? I am going to tell Keith Olbermann that you are cheating on him)

Think about it. If I have a large inventory of a COMMODITY that is in the ground and the price doubles in a few short years - I AM PAID!

If I am an evil oil company and this commodity increases YES the oil that I have in my supply line increases but when I exhaust that........I STILL HAVE TO PURCHASE MORE from the guy who has it buried in the ground.

If you can detail for me how evil Bush is able to manipulate the prices of oil because they are "oil men" I would love to see it.

Using your THEORY once good guys Obama or Clinton (oh sorry - Clinton is a bad guy on this web site....or unless until after the Democratic national convention) become president then the price of oil should precipitously decline, right? (Just like it was low under good guy Bill Clinton)

Constructive Feedback said...

Here ya go buddy. Take your time responding back to me.

Oil Price Rise Causes Global Shift in Wealth
Iran, Russia and Venezuela Feel the Benefits [BRAZIL also]
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_P/threadview?m=tm&bn=26953&tid=6930&mid=6930&tof=20&frt=2


Oh wait:
The high cost of oil is hurting ... oil companies?
Rising cost of crude isn’t being reflected in products they refine from it
http://www.msnbc.msn.com/id/21295390/

Anonymous said...

High oil price is only part of the story. The other part is that the USD is worth shit. And you cannot blame OPEC for this.