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Gas Prices Skyrocket To New Record Thursday Morning

Published 07/03/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Gas again hit a new record price-per-barrel Thursday morning at $145. All signs point to gas reaching $160 a barrel by the end of the year, according to Forbes.com.

This is completely unacceptable … the rising price of gas is reeking havoc on Americans and the economy. The correlation among high gas prices, consumer confidence, the slowing economy and decreased spending is undeniable.

The solution to this problem is to cut our dependence of oil. Our current money goes to the unfriendly OPEC nation’s sovereign wealth funds, which they turn around and use that same money to purchase American bonds, portions of the treasury and American industry. They are slowly acquiring America through our oil addiction. This practice must stop by creating an oil free future.


Source Forbes.com:

The perfect storm for oil prices showed no signs of dissipating Thursday, as supply worries combined with dollar weakness pushed crude to a new record of $145.

The latest record is a sign that the balance between supply and demand is still uncomfortably tight, and will likely remain so for the rest of the year.

"It does suggest that even with weaker demand in the U.S., there is a very tight market out there," said Simon Wardell, analyst with Global Insight. He forecast that oil would reach $160 per barrel, sometime before the end of the year.


Front Page Photo by JFabra- Flickr © Some rights reserved

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