“What costs $80 buckaroos?” you ask. The answer is: The price of a barrel of crude oil, my friends. And isn’t that just wonderful news for all the little people, like you and me?
The price of oil last night broke through the $80 a barrel level for the first time on fears of winter supply shortages. […]
Analysts said the 500,000 barrels per day increase in quotas from November announced by Opec this week had not been enough to outweigh concerns that a fresh wave of hurricanes could hit American oil installations.
Crude oil stockpiles in the United States fell 7.1 million barrels last week to their lowest in eight months, according to the Energy Information Administration. Analysts had expected a fall of 2.4 million barrels.
Let’s see. Health care costs continue to rise at a rate nearly 4 times greater than wages have risen since 2000. Milk prices are also way up, costing more per gallon than gasoline. Income inequality between the rich and everyone else is the highest it’s been since the Depression era. We are in a severe credit crunch thanks in large part to Republican led de-regulation of financial institutions. And after one of the worst economic recoveries in terms of generating jobs and wage growth in US history, economists are finally starting to use the R word to describe the meltdown of the US economy, led by the free fall in the housing market and the mortgage crisis.
I guess we need to cut more of Paris Hilton’s and Bill Gates’ taxes, eh? Obviously we haven’t done enough in that regard. Not to worry though. I’m sure President Bush will find a way to blame all this on the Clintons.
