Friday, July 11, 2008

$147 For A Barrel Of Oil, Would That Be Imaginary Bad News Mr. Gramm?

John McCain can say that Gramm's callous comments do not reflect his feelings, but we know that isn't true because they both say pretty much the same thing when it comes to our nation's economic crisis. Well today oil prices touched $147 for a barrel and that is much more than just "psychological," its means a harder hit for American consumers and Phil Gramm can go Dick Cheney-himself if he thinks differently.

From Yahoo News:

NEW YORK - Oil prices briefly spiked to a new record above $147 a barrel Friday, as rising hostilities between the West and Iran and unrest in Nigeria sent investors rushing back to energy markets.

A decline in the U.S. dollar and concerns about an oil worker strike in Brazil contributed to the higher price.

The resurgence in crude prices stokes concern that $4-a-gallon gasoline is here to stay for U.S. drivers and means home heating could get much more expensive this winter.

Heating oil futures surged on the New York Mercantile Exchange to a record of more than $4.15 a gallon. Natural gas futures turned lower, but are still about twice as high as a year ago.

"If you think your gasoline bills are expensive now, wait till you get your home heating bill this winter," said Stephen Schork, an analyst and trader in Villanova, Pa.

That may not mean much to wealthy people like McCain and Gramm, but it does matter to millions who make far less than those that have beer baron heiresses to rely on.