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Post by redwolf on Jan 2, 2008 12:47:25 GMT -6
Oil Futures Rise to $100 a BarrelCrude Futures Hit Record $100 a Barrel on Supply Concerns
NEW YORK (AP) -- Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.biz.yahoo.com/ap/080102/oil_prices.html
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Post by redwolf on Jan 2, 2008 15:16:44 GMT -6
Don't worry, be happy! $100 Oil May Pinch but Not Faze ConsumerBy JOHN WILEN, AP NEW YORK (AP) - With oil at the once unfathomable price of $100 a barrel, consumers can expect the cost of filling their gas tanks, heating their homes - in fact, the price of most everything - to also keep rising.
Still, analysts don't expect record-high prices by themselves to send the economy into recession, simply because expensive as oil is, energy doesn't consume as big a chunk of Americans' budget as it did decades ago.
"So far, consumers have done an amazing job of ignoring high oil prices, not to mention falling home prices," said David Wyss, chief economist at Standard & Poor's. money.aol.com/news/articles/_a/100-oil-may-pinch-but-not-faze-consumer/n20080102152509990019
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Post by unlawflcombatnt on Jan 3, 2008 2:46:29 GMT -6
The comments on the article are interesting. Despite the author's inclusion of someone who is not "fazed" by the high price of gas, the readers of the article are ALL concerned--as are most other Americans.
Also, the one person the article quoted as not being "fazed" is a classic example of what's wrong with this country.
"Chicagoan Fraz Baig was unfazed as oil approached its milestone, although rising prices are making it more expensive for him to gas up his just purchased 2008 Infiniti FX SUV.
"I'm doing well financially and I'm single, so I'm not really worried," said Baig, who works in Internet technology solution sales for IBM."
Is it only these "sales" persons who can afford Infinity SUVs? Is it only sales people who are un-fazed by high gas prices?
We've not only become a country of non-producers, it's the very non-producers (like Baig) who are profiting the most from our non-productive economy.
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Post by graybeard on Jan 3, 2008 8:10:21 GMT -6
It depends on whethere Baig is selling domestic products or foreign. "There is not a wheel that turns in the factory until the salesman sells something." Many sales people are indeed a vital part of manufacturing.
Either way, Baig, being single and well-paid, is a poor example of the effect of $100 oil. How about the average worker at MaoMart, the largest employer in the US?
End of year 2000: Gold $270 Silver $4.60 Oil $20
GB
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