Tuesday, April 22, 2008

Crude oil prices soar to new heights (while dollar plunges)

CNBC.com reports:
Oil surged almost $2 to close at a record settling price above $119 a barrel on Tuesday as supply concerns from Nigeria and the North Sea propelled crude higher.

U.S. light, sweet crude [US@CL.1 118.07 -1.30 (-1.09%)] finished at $119.37 on the New York Mercantile Exchange after hitting an all-time intraday peak of $119.90 earlier.
I guess it doesn't matter that John McSame admits he doesn't know much about the economy. He's bound to hire some topnotch folks just like the ones that have led us into the current mess.

[Yes, I know economy involves a lot more than US presidential policies. But US economic policies, or lack thereof, combined with runaway greed and corruption, deficit spending, foreign policies, etc. do have an impact.]

h/t to Chris in Paris at Americablog
--the BB


Padre Mickey said...

I'm starting to think that the entire purpose of Bush's presidency, and the reason certain right-wing dipsh**ts in the Supreme Court put him in power, was to enrich the oil companies.

No one should ever vote for a Republican again. It is a traitorous act.

Grandmère Mimi said...

I'm reading "American Theocracy" by Kevin Phillips, written in 2006. He predicted really bad economic times if oil got up to $50 or $60 a barrel. He's right in most of his predictions, and I think he's right about the results of the high oil prices. He didn't even imagine twice the price he quoted.

Oh, woe is us. And the Dems will apparently continue to tear each other apart. I had hoped tonight would be the end of that.

FranIAm said...

I echo what is said in this post and by Padre and Grandmere.

And that is one good albeit terrifying book - American Theocracy. Might I also recommend American Fascists by Chris Hedges as a follow up.

If you have the stomach for it.