Wednesday, October 17, 2007

$88/barrel of oil and nobody's blinking

Click here for yahoo comments on $88/barrel oil

Why is it that the price of a barrel of oil has hit an all time high and the physical world is not even blinking an eye? Is it because gas prices aren't that high yet? It's still only $2.71 at my benchmark gas station. I guess everyone's has become accustomed to the higher prices and are glad that it isn't $3.50/gallon yet.

In other news today, I've heard that 2/3 of the working population is saving next to nothing for retirement and that the majority is planning on spending more this year on Christmas than last year!? To add to that, food prices are outrageous. Maybe people don't buy food or cook anymore, so they aren't aware. Maybe they all eat out all the time.

Well, I just thought I'd bring it to anyone's attention who runs across this blog. I just thought I'd let whoever know that 7 years ago a barrel of oil was around $20/barrel and now it's made it to about $12 within the $100/barrel of oil mark.

No comments: