Oil Prices Surge — This Oil Stuff Sure is Getting Expensive… $100 Oil

by BWK ~ March 3, 2008

More on $100 Oil…  According to Department of Energy statistics, in 2007 the United States imported $331 billion worth of crude oil at an average price of $64.25 per barrel.

Now — and in no small measure due to the actions of the Fed in aggressively lowering interest rates — the price of oil is rising rapidly.

If the US imports crude oil in 2008 at an average price of about $95 per barrel, the annual import bill could jump by about $150 billion or more to $580 to $600 billion. This is larger than the entire budget for the Department of Defense.

This hemorrhage of currency will, of course, continue the decapitalization of the US economy. And it will completely negate the forthcoming Bush-Congress economic stimulus package of about $152 billion value.

More on the $100 Oil plus…
http://biz.yahoo.com/ap/080303/oil_prices.html