Oil is now $108 a barrel

[woolldog]

Will see $110+ soon. The economy is going to double dip if oil goes much higher.

[jschurchin]

1. That's great news.

BP and Exxon are jumping for joy. ChaChing!!!!

[Hutzpa]

2. And gas price is approaching $5.00 per gallon in most

areas, this is added to the fact that Americans don't have jobs.

What is up with that Mr President?? :shrug:

[TheCowsCameHome]

3. It's getting crowded in this barrel.

I'm sick of being in it.

[Cali_Democrat]

4. I don't know about a double dip recession

But it will definitely hit consumer spending causing a slow down in GDP growth. Although, a double dip recession can't be ruled out.

Food prices are also rising dramatically along with energy prices. Throw in the fact that middle class wealth is declining because of dropping home prices and this economy is extremely fragile. No question about it.

On the other hand, I've made some nice returns lately buying crude oil futures :)

[woolldog]

5. Good job on the oil futures.

I bought at 97 and sold at 103. Should've held longer. I'm in silver now and will be buying Oats futures (which look poised for a breakout) on Sunday when the markets reopen. There ought to be a DU trading group where people can swap ideas/advice.

But yes, income growth is flat, so it's really going to kill the consumer.

[woolldog]

6. Oil

just hit $110 a barrel

Why isn't Obama doing anything?