Oil Hits $139
Folks, $4 gas isn’t going away any time soon.
NEW YORK (AP) – Oil prices made their biggest single-day leap ever Fridayâ€”clearing $139, dragging the Dow Jones industrials down nearly 400 points and raising the once-unthinkable prospect of $150 oil and even higher gas prices by the Fourth of July.
The meteoric rise of nearly $11 for the day piled atop an increase of almost $5.50 the day before, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.
And those weren’t the only stunning numbers of the day: The government also reported the nation’s unemployment rate zoomed to 5.5 percent in May, a monthly rise of half a percentage point, the biggest in 22 years.
So what’s causing all of this?
And what’s one big reason why the dollar is in it’s current state? Could it have anything to do with the fact that we’ve spent $600 billion dollars in Iraq that we had to borrow and are planning to spend another $200 billion this year alone?
What’s more, isn’t it ironic that the foreign policy strategy that was supposed to keep us safer is now making an enemy like Iran richer since they’re able to sell their crude at a higher price?
Excuse me, but I’m going to go buy a bicycle…