Oil prices broke through a new high of $102 a barrel Wednesday as a slide in the U.S. dollar prompted investors to pump more money into energy futures as a hedge against inflation.
Gasoline prices are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring.
The dollar sank to a record low against the euro after the release of three disheartening U.S. economic reports Tuesday (reported HERE on YWN) that show that the economy is slowing as prices for consumer goods rise. The dollar’s decline prompted investors to seek a safe haven from turmoil in the financial markets and the threat of inflation.
(Source: Associated Press)
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2 Responses
Investors are also pumping up Gold prices. Gold hit a new record high also and is now almost $1000 per ounce.
Dont complain in israel and europe the 2x what we pay. so if the israelies can handel that price we should not complain.