Oil hits a high; some in U.S. see $4 gas by spring

[medbiller777]

[Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

The increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing.

"The effect of high oil prices today could be the difference between having a recession and not having a recession," said Kenneth Rogoff, a Harvard University economist.


http://www.iht.com/articles/2008/02/27/business/26gasweb.php

[cbressler1976]

I am so over gas prices!!:fear:panic
:tsk
My dad died when I was 20...11 years ago! he would get upset when gas went over a dollar!! I couldn't imagine how he would feel now!

[SummerSailing81]

I am so over gas prices!!:fear:panic
:tsk
My dad died when I was 20...11 years ago! he would get upset when gas went over a dollar!! I couldn't imagine how he would feel now!

I remember in the 70s my dad having a fit because gas had risen to .59 a gallon. I thought he was going to have a stroke right there at the gas pump! I guess it's good he's gone home to be with the Lord because having to pay $4 or more for a gallon of gas would have probably sent him there anyway.

[lyngraphics]

:crying :reaction :crying

[Jaybird74]

I can remember in high school (early 90's . . . . no, not the 1390's . . . .) when gas was around 89-90 cents/gallon.

:ohno

[mikenelson]

Yep, it's called inflation (well not according to the govt), and I fear it's coming with a vengeance.

[HSmomto4]

Gas is going up so much I am having to actually watch where I go and how often I am leaving now.

[Sister-N-Christ]

Here too. We once had a nice cushy income that meant we could put a little aside. Not anymore. Our income barely covers things and with gas going up again (and thus the cost of milk, etc. etc.) we will have to cut out even more just to meet our bills and eat. Don't get me started on how much we pay in taxes to support all these government programs. <sigh>

[Rmf3175]

NEW YORK, Feb. 27 (AP) - (Kyodo)—New York crude oil futures prices hit all-time highs in pre-market trading on Wednesday.


http://www.breitbart.com/article.php?id=D8V2IT180&show_article=1&catnum=2



Up and up she goes, where she stops, no one knows.:tsk

[SumSam]

This was bound to happen. Gas is a finite resource. No major new oil fields have been discovered in the past few years, and the major known ones cannot be touched because of environmental concerns (Alaska) or because they cannot be economically extracted (oil shale).

Maybe if gas hits $ 5-6 a gallon this could change! :thinking