Friday, September 14, 2007

Gas up now

Quickly quickly, fill 'er up. The price of oil closed yesterday at a record high of $80.09 a barrel:

"Oil closed above $80 a barrel for the first time in history Thursday, setting a record for a third-consecutive day as supply worries and refinery shutdowns lifted prices.

The price of a barrel of light, sweet crude for delivery in October rose 18 cents to $80.09. That's up 12% from a month ago and 25% higher than a year ago."

Energy industry analysts say it isn't likely to have any impact at the pumps. Do you want to believe them? Not I. Not when the industry is writing their paychecks. And anyway, we'll feel it one way or another:

"But the higher oil prices will still be felt throughout the economy. Heating oil prices may be higher this winter, airfares could creep up and shipping costs could rise, squeezing small businesses and truckers.

Such increases are coming when the economy is already in a somewhat fragile spot, with a volatile financial market, continued credit concerns from subprime mortgage defaults and some evidence of a slower job market.

"A lot of forces are coming together," says Timothy Rogers, chief economist at "I don't think it's going to provide the force for a recession, but that's the fear.""

Almost time to go off the grid.