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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