July 14, 2006 — As most of the world expected, continued conflict in the Middle East has ignited a buying spree in the energy markets. The price of a barrel of crude oil hit its all-time nominal high of $77.03 at the day's close, up 33 cents. Crude also hit an intraday high of $77.95.
Experts say consumers will almost immediately see an impact on what they pay at the pump, with gas prices possibly hitting a new record high (above $3.07 a gallon) as early as next week. We'll have new official numbers from the government on Monday at around 4 p.m. ET.
The world just keeps getting wonderful-er. Basically this is because of the problems in the Middle East and Nigeria. Might have something to do with Venezuela's current unfriendliness as well. Are there still people who think it's ok for us to be so dependent on foreign oil? Lest we forget, rising gas prices also slow our economic growth, which has been anemic enough as it is.
What to do? Alternative energy! Now's the time, folks, strike while the iron is hot. That's my proposition to make a better America.