Posted By RichC on May 22, 2008
The price of oil hit a record high above $135 a barrel this Thursday morning which is more than twice what it cost a year ago. According to press reports, latest surge was driven by data showing that supplies of crude in the US had fallen by 5.4 million barrels. “US light, sweet crude for July delivery reached $135.09,” in May 2007 it was priced at about $65. Gasoline moved up yet again in my area about 20 more cents to just under $4.00/gallon — with this much money being siphoned out of consumers pockets, it has got to make an impact on discretionary spending?