Increasing Oil Prices-Do you justify???

Increasing Oil Prices-Do you justift????? - Increse in oil prices is a major threat to economic growth.
@sadanand (191)
March 4, 2008 1:55pm CST
The price of oil gushed to a record high on Monday,spreading dangerously to factories,groceries,gas stations, and every citizen's pocket book.The galloping energy prices are doubly painful as the Biggest economy of the world is at the edge of recession. High energy costs push companies to charge shoppers higher prices,then those consumers and businesses cut back in turn,dumping more cold water on the economy.Oil prices marched past $103 a barrel on Monday,the latest in a recent string of record-high oil prices,before settling down at $102.45. The steep increase in oil prices would hit deeper and deeper into the consumers ability to spend. Based on the above facts do you justify the increase in oil prices?????
1 response
@uath13 (8207)
• United States
4 Mar 08
The far east is playing us again. Who needs terrorists when they can hit us like this? All they have to do is say their cutting production a little ( whether they actually do or not ) & the price jumps up. If I lived closer to work I'd get a horse!
1 person likes this
@sadanand (191)
• India
5 Mar 08
The increase in the oil prices depends on lots of fundamental factors.Fears of American recession are looming large over the world. The world would definitely have an impact with the slipping of the biggest economy of the world.I do not think that Far East is playing with us. sadanand.