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With the recent surge in oil prices, it should come as no surprise that we are getting hit hard at the gas pumps, and according to AAA, prices moved to a new record high last night of $3.303 for a gallon of regular unleaded.

This is the second day in a row that gas prices have set new highs, after jumping more than a penny overnight. At these current levels, prices are now a massive 22% higher than they were this time last year.

Congress has been trying to get to the bottom of the situation, and earlier this week they heard testimony from executives of 5 of the world's largest oil companies regarding the current price explosion. Some analysts are predicting that Congress may have to step in to take some action to help combat the record-high prices by making the purchase of high-risk oil contracts tougher to do, which could lead to lower prices. Whether or not that takes place remains to be seen.

Continue reading Gasoline prices hit new record high!

Gasoline prices hit new record high! originally appeared on BloggingStocks on Fri, 04 Apr 2008 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>$110 oil$110Oilbad newsBadNewsfeaturedgasgas pricesgasolineGasPricesinthenewsoiloil companiesoil pricesOilCompaniesOilPricesrecord highsRecordHighstourismFri, 04 Apr 2008 10:40:00 EST<![CDATA[Oil continues its charge, breaks through $110]]>http://www.bloggingstocks.com/2008/03/13/oil-continues-its-charge-breaks-through-110/http://www.bloggingstocks.com/2008/03/13/oil-continues-its-charge-breaks-through-110/http://www.bloggingstocks.com/2008/03/13/oil-continues-its-charge-breaks-through-110/#commentsFiled under: , , ,

Every day as I watch oil prices, I keep waiting for the market to take a breather and bring prices back down, but it just isn't happening yet. Prices are on the move yet again today, setting another new record, busting through the $110 barrier and hitting a high of $110.34. Currently oil is sitting at $110.23.

Today's move should come as no surprise if you keep up with the current situation surrounding the U.S. dollar. The dollar has been in a literal free fall lately, and is on the decline again today, with the fragile greenback falling to under 100 yen. In case you were wondering, this is the lowest for the dollar versus the yen in the past twelve years.

The main reason for what we are seeing is widespread fear that America is entering into a recession. Some well respected professionals, including billionaire Warren Buffett have said that while the current environment defies traditional definitions of a recession, America is basically already in a recession. The economy grew by 0.6% during the fourth quarter last year.

Continue reading Oil continues its charge, breaks through $110

Oil continues its charge, breaks through $110 originally appeared on BloggingStocks on Thu, 13 Mar 2008 09:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>$110 oil$110OildollarfeaturedFederal ReserveFederalReserveinterest ratesInterestRatesoiloil inventoriesoil pricesOilInventoriesOilPricesrecessionThu, 13 Mar 2008 09:10:00 EST