Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitical jitters, a dollar decline and a forecast that oil would hit $150 by July 4.I know many people who have no choice but to drive to work since Public transportation is not an option and they are suffering.
Friday's spike in the July contract for light crude on the New York Mercantile Exchange marks the largest single-day increase in oil prices on record. The contract hit an intraday record of $139.12, breaking the previous trading record of $135.09.
"The bulls are running rampant and the bears have panicked," said oil industry analyst Stephen Schork, editor of the Schork Report. "It's pure hysteria, absolute panic," he added.
The rally highlighted concerns that retail gas prices, which have surged near a nationwide average of $4 a gallon, will continue to crimp consumer spending and fuel inflation.
I remember when they said oil would not hit $100.00 per barrel. That now seems like a bargain. This will have a devastating effect on the economy and will push us into a deep and lasting recession. Our standard of living is already on the decline. When will we finally recognize that these insane conservative economic policies are destroying this country and its people? Will we let them fool us again in 2008 and vote against our own best interests?
The economic situation in this country and I am sure soon around the world is frightening. The rich have made their millions and the rest of us can now all go to hell.