Oil supply tightens worldwide
Fuel prices rose significantly again this week, led by gasoline, although diesel and jet fuel prices both jumped also, alarming industry observers. Oil producers did nothing to quell fears that prices will go still higher. "They are enjoying the new price level," is how an energy analyst put it.
DEMAND SHARPLY UP IN U.S.
As you know because every TV is telling you, people are behaving quite rationally in the face of the crisis so far. Many are buying fuel, as much as they can, before the next price jump hits. This false consumption makes it hard to figure out if actual fuel use is going down or not, although our survey of blogs indicates that people are cutting back somewhat on miles driven.
BUSINESSES SEEK TO PASS ON COSTS
Big article in the WSJ about how companies are responding to the fuel jump by passing on costs to their customers. Woe to those businesses that are locked by contract and can't increase their price levels.
CURRENT MOOD: UGLY.
You don't have to go more than three clicks to realize that people are mad about this situation. I mean MAD. That kind of mad you get when someone reaches into your pocket and takes about as many of your hard-earned dollars as they want.
QUESTION: HOW ARE YOU FEELING WITH $4.50+ GASOLINE? WHO DO YOU THINK IS RESPONSIBLE FOR THIS STATE OF AFFAIRS?
Let us know in your videos, images, blogs, emails and phone calls.
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