The law of gravity about what goes up, must come down doesn't seem to
apply to oil prices lately.
"It's ridiculous. I mean it affects everybody's income," says one motorist.
Crude oil prices have already exceeded the 98-dollar-a-barrel mark and are
anticipated to climb higher into three-digit territory.
Martin W. Hennecke is the Senior Manager of the Tyche Group: He says, "Some people might be thinking at first it's just because of the demand for oil, but I think what we are seeing now, especially in the last few days is
the US dollar is sinking and there's a big US financial crisis too."
just last week, gasoline prices jumped 15 cents, hitting an average just
over three dollars a gallon for the first time ever in november.
Motorist Mark Hogan shakes his head. "It cost 80 dollars today. Usually it runs 71 or 72."
Even staying at home will cost more, especially for those who heat their
homes with oil. Wednesday, the Energy Department released a revision to its
"Short-Term Energy Outlook" stating households will pay even more to heat
their homes than it forecast only a month ago.
Instead of the 88 dollar increase initially predicted, average winter
heating bills are now expected to rise by 97 dollars or 11 per cent for the
season--leaving less money for holiday spending.