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May 21, 2008
RISING OIL PRICES: WHAT'S IT MEAN TO YOU?
Oil prices continue to rise. Yesterday, the price for a barrel of oil passed $130. A few weeks ago, OPEC President Chakib Khelil warned that the price will soon hit $200 per barrel. He added, "The prices are high due to the recession in the United States and the economic crisis, which has touched several countries, a situation that has an effect on the value of the dollar. Each time the dollar falls 1 per cent, the price of the barrel rises by $4 and of course vice versa."
As oil prices rise, so do gas prices at the pump. So do food prices. And so does everything else relying on oil (which is most of our economy). What does the rising price of oil mean to you? Cast your vote in our poll.
This post has 1 reply...The problem is that every move the Federal Reserve makes to prop up the stock market, the dollar devalues more, and the price of everything goes up- including gas. The question for our leadership is, "Who are you going to protect? The corporatate world and its millionaire CEOs and boards, or the everyday working people of America and our families?" So far all we see is the elite taking care of their own. Until this changes, it will get worse and worse for us and our children.
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