Oil Briefly touches $100 a Barrel NEW YORK (Reuters) — Oil fell Thursday as traders took profits from a record rally that had pushed oil to $100 a barrel two days in a row — a level that has raised a red flag over global economic growth. Crude oil for delivery in February hit $100.09 on the New York Mercantile Exchange before falling back. U.S. crude settled down 44 cents to $99.18 a barrel. The recent surge in oil prices has darkened the economic outlook in the United States, already battered by a housing crisis and credit crunch, and could threaten growth in big European energy-consuming nations. Crude oil briefly hit $100 exactly on Wednesday before falling back. See Flash file: http://i.usatoday.net/money/graphics/oil_history/flash.swf
What's good for them is bad for the average American that doesn't sit around the pool collecting dividend checks.
If I had oil and the world wanted it, I would charge as much as I could. If you don't like it, ride a bike or walk.
There is only one catch. you better have an army to protect it. Otherwise, someone will take it away....
its even bad for those who have shares in it because they still have to buy food thats transported, they still need to get to there celebration parties, they still have to pay tax for defence, they still have to use plastics and manifactured goods, they still have to pay morgages (oil prices fuel inflation, which drives up intrest rates) unfortunatly we relie much to heaverly on oil for our sociaty
If you've invested in it, good job. If you rely on it to much , not so good. It's the old economies of scale . The smart one invested in it and drives a hybrid every day!!
that only works for end products not underlying products. For instance farmer needs to drive tractor, move produce ect his costs go up so does end price. There isnt much that can be done about it and as for intrest rates it doesnt matter what a morgage holder drive if the rest of the country is using petrol at the same rate then inflation goes up which drives up intrest rates
True Asguard, then the farmer should invest in his own crops as people will still have to buy them if they want to eat...