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Soaring Oil and Gasoline Prices Worry Cost Conscious U.S. Consumers
The effects of soaring oil prices are finally trickling down to the pump and consumers are feeling the pinch.
On Friday, oil futures hit a new record of over $126 per barrel. Prices jumped 7.4% last week, with crude oil for June delivery trading as high at $126.20 on the New York Mercantile Exchange.
“Oil is a safe haven because of the weak dollar and how badly the financial sector has been doing,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, told Bloomberg News. “There are also geopolitical concerns about places like Nigeria and Venezuela that are propping…
12May2008 | Money Morning | Comments Off | Continued
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