September 23rd, 2008 @ MReed // No Comments
Even though Hurricane Ike didn’t do any long-term damage to the oil platforms in the Gulf of Mexico, oil is still on the rise.
On Friday, oil went over $104 a barrel again, after being down below $100 for quite some time. Much of the reason for the dramatic increase came from the idea that the banks in the US were failing and that the government was going to have to bail them out. Some other big companies had also failed or were in danger of failing.
As the US tried to find a way to correct the financial mess, oil started creeping up and the stock market started creeping down. Not only is this bad for banks and lending institutions, but it’s bad for a lot of businesses, all throughout the country, because the cost of doing business has continued to rise. Rising oil prices means rising fuel prices, and that means that everything is going to cost more, including food and essential items.
Tags: oil, price of oil
