Crude Oil Reaches Record High
Crude oil reached a reacord high. This past Wednesday crude oil hit the record high of 100 dollars per barrel.
How will this effect the American economy though? Well there is many ways, the biggest way that this will effect Americans will be future gas prices. In the next year alone prices are expected to rise 50-75 cents higher than it is right now. That would push the national average to over $4.00 per gallon. Even though minimium wages recently went up nearly $1.50 nation wide, the prices of nearly all food products and gas prices are also rising to keep up.
Crude oil doesn’t only effect the United States though, many nations can now not afford how much crude oil they are using, therefore, they are not going to be able to buy as much. The value of the United Stated dollar has also gone down in value. The prices of things are not a good way to start a new year.
January 3rd, 2008 at 6:29 pm
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John T.