Tuesday, February 22, 2011

...Oil

Well gas prices jumped 10 cents and oil is up about $10+. The turmoil in the Middle East is about to affect us. Libya has light sweet crude oil and for some reason American refineries like it a lot. While Libya only has 3% of the world's oil supply, oil prices have skyrocketed in just 2 days! If the trend continues oil prices should hit $100 a barrel today and if that holds then gas will be about $3.50 a gallon in 2 weeks. This is not what we need in America at all. Home prices are falling, labor talks and financial talks are falling. I see a double dip recession coming later this year and it may be worse than the 1st time because now we have oil producing countries caught up in their own drama. The thing is, we have to take it. We do not want to drill in America and electric and hybrid cars do not fulfill the needs of a lot of families at this moment in time. A grim darkness lies ahead of us. Take heed and prepare now. Save your extra dollars and learn how to budget and cut back on things. It may not be fun, be neither is panhandling. All of this because of OIL! Digit Down.

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