$4 gasoline?
Get ready for $4 gasoline
(CNN Money.com) -- With gas prices near record highs, experts say $4-a-gallon gasoline is just around the corner.
"I think it's going to happen," said Phil Flynn, a senior market analyst at Alaron Trading in Chicago. "Unless things change dramatically, I think we're going to see $4 a gallon."
Already, prices in California average $3.48 a gallon, according to the motorist organization AAA. And one service station in San Francisco was charging $3.95, according to GasBuddy.com, a handy site that lists the cheapest and most expensive gas stations by city and state across the country.
Refinery problems and strong demand are the two main reasons cited for the runup. Prices hit a record high of $3.07 a gallon, according to the Lundberg survey released Sunday.
The Dow broke an 80 year record winning streak today just as news of impending higher oil prices threatens to push the cost of gas to $4.00 per gallon. Not great news.
If you ignore what the NAR says and look at the real housing numbers nation wide, you can see the sure signs of a slowing housing market.
What bank will lend on equity in a falling market? Non I think. Net result? No more M.E.W. (Mortgage equity withdrawal). Bad for an economy like the US that relies on 70% domestic spending. You can see already the downward pressure in the American auto industry and other industries that sell big ticket items.
Couple this with the fact the most Americans have no savings, many job markets are flagging and the reality of higher fuel prices can only slow down domestic spending further.
This is not good news for those already struggling to make steadily rising mortgage payments or facing a reduction in work hours or impending layoffs. It won’t be just them who feel the pinch, the ripple effect of this will touch us all.
Vern
If you ignore what the NAR says and look at the real housing numbers nation wide, you can see the sure signs of a slowing housing market.
What bank will lend on equity in a falling market? Non I think. Net result? No more M.E.W. (Mortgage equity withdrawal). Bad for an economy like the US that relies on 70% domestic spending. You can see already the downward pressure in the American auto industry and other industries that sell big ticket items.
Couple this with the fact the most Americans have no savings, many job markets are flagging and the reality of higher fuel prices can only slow down domestic spending further.
This is not good news for those already struggling to make steadily rising mortgage payments or facing a reduction in work hours or impending layoffs. It won’t be just them who feel the pinch, the ripple effect of this will touch us all.
Vern
posted by Vern Wichers at 4:44 PM
4 Comments:
On Friday, Brent crude oil for August delivery on the International Petroleum Exchange was up $1.16 to $57.38 per barrel, while July West Texas Intermediate contracts on the New York Mercantile Exchange advanced $1.37 to $57.95 per barrel, both near record highs.sportsbook OPEC, which has long claimed that the falling value of the dollar, the actions of speculators, and various geopolitical issues are the causes of high oil prices, it now says that a worldwide lack of capacity in oil refineries is the main factor causing crude oil prices to rise.
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