Tuesday, February 22, 2005
CNN.com - Oil above $50 amid OPEC jitters - Feb 22, 2005
CNN.com reports, "Light sweet crude for March delivery climbed $1.90 to $50.25 a barrel in trading on the New York Mercantile Exchange." And if that wasn't bad enough for the ailing U.S. economy struggling under four plus years of Radical Republican mis-management, CNN also reports that iron ore prices are soaring. That means steel prices are set to explode. That means the U.S. trade deficit is set to explode. Add to that the cheap dollar policy pursued by Georgie Bush and things don't look good. Now that we've outsourced the manufacture of steel, automobiles, washing machines, etc. we're increasingly vunerable to such shifts in commodity prices.
CNN.com reports, "Light sweet crude for March delivery climbed $1.90 to $50.25 a barrel in trading on the New York Mercantile Exchange." And if that wasn't bad enough for the ailing U.S. economy struggling under four plus years of Radical Republican mis-management, CNN also reports that iron ore prices are soaring. That means steel prices are set to explode. That means the U.S. trade deficit is set to explode. Add to that the cheap dollar policy pursued by Georgie Bush and things don't look good. Now that we've outsourced the manufacture of steel, automobiles, washing machines, etc. we're increasingly vunerable to such shifts in commodity prices.